Murrey Math Lines 09.12.2022 (Brent, S&P 500)
BRENT
On H4, the quotes of Brent oil are below the 200-day Moving Average, which indicates the prevalence of a downtrend. However, the RSI is already in the oversold area. A test of 0/8 (75.00) should be expected, followed by a bounce off it and growth to the resistance level of 2/8 (81.25). The scenario can be cancelled by a downward breakaway of the support level of 0/8 (75.00). In the case, the quotes may fall to -1/8 (71.88).
On M15, the upper line of VoltyChannel is too far away from the current price, which means growth of the quotes will be initiated by a bounce off 0/8 on H4.
S&P 500
On H4, the S&P 500 quotes have dropped under the 200-day Moving Average again, indicating a downtrend. The RSI is testing the resistance line. In the end, a downward breakaway of the support level of 1/8 (3906.2) should be expected, followed by falling to 0/8 (3750.0). The scenario can be cancelled by rising over the resistance level of 2/8 (4062.5). This might lead to a trend reversal and growth of the quotes to 3/8 (4218.8).
On M15, an additional signal confirming the decline will be a bounce off the lower line of VoltyChannel.
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