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23.02.202318:27 Forex Analysis & Reviews: Short-term technical analysis on SPX for February 23rd, 2023.

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Exchange Rates 23.02.2023 analysis

Violet lines- Fibonacci retracements

Green line- support trend line

SPX is under pressure over the last few sessions breaking below short-term support trend lines. Price is very close to testing the green upward support trend line providing support at 3,967 where we also find the 50% Fibonacci retracement of the last leg up. Fibonacci wise the most important support level is the 61.8% at 3,930. As long as SPX is above the December low, we consider this downward move as a pull back to form a higher low and then we expect a move to new highs. Only failure to hold above December lows will bring bears back in control of the trend.

Alexandros Yfantis
Analytical expert of InstaForex
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