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07.12.202216:09 Forex Analysis & Reviews: SPX challenges major support at 3900.

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Blue line -resistance

Green line -support

SPX recently got rejected at the blue downward sloping resistance trend line and is now breaking below the green upward sloping support trend line. This is the third time price gets rejected at the blue trend line, increasing the importance of this line. Price is very close to breaking below the recent higher low formed and this would be an added sign of weakness. SPX is vulnerable to more downside. The RSI has started making lower lows and lower highs. Bulls need to be very cautious as this could be the start of a new downward move.

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