SimpleFX SPX500 Chart Analysis: September 17

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The price continues to move by the lower limit of the blue channel, periodically reaching it. This limit is the support line for the price. If the price strikes through the support of 2996, the bears will have an opportunity to start moving to the lower limit of the green channel and the level of 2924. It should be noted that in this case, the movement is likely to occur in a corrective form, as the market will move against the direction of the up-tending green channel. If the price drafts off the lower blue limit and the support level of 2996, the growth will possibly continue to the upper limit of the blue channel and the resistance level of 3055.

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