Murrey Math Lines 30.12.2022 (Brent, S&P 500)
BRENT
On H4, Brent quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI is testing the resistance line. A test of 2/8 (81.25) should be expected, followed by a breakaway and falling to the support level of 1/8 (78.12). The scenario can be cancelled by rising over the resistance level of 3/8 (84.38), which might lead to a trend reversal and growth of the quotes to the resistance level of 4/8 (87.50).
On M15, the lower line of VoltyChannel is broken away, which confirms the downtrend and increases the probability of further falling.
S&P 500
On H4, the quotes are under the 200-day Moving Average, which indicates prevalence of a downtrend. The RSI is testing the descending trendline that acts as a resistance level for the price. As a result, a breakaway of 0/8 (3750.0) is expected, followed by falling to the support level of -1/8 (3593.8). The scenario can be cancelled by rising over the resistance level of 1/8 (3906.2). In this case, the S&P 500 index may rise to 2/8 (4062.5).
On M15, an additional signal confirming the decline will be a breakaway of the lower line of VoltyChannel.
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