SimpleFX SPX500 Chart Analysis: October 9, 2019

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The market continues to move within the large yellow channel. It is likely that at the moment we are seeing a trend towards its lower bound. If soon the price breaks the support level of 2860 formed by the lower green wall, the decline is likely to continue to the lower yellow bound and the support level of 2771. Confirmation of this scenario is the fact that the price is well below the moving average line, which may indicate a large bearish potential. However, if the market turns around and starts moving up, breaking through the resistance of 2933 formed by the red moving average, we will see the price rise to the resistance level of 3021.

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