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Forex Analysis & Reviews: 08/05/2022

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Black lines – bullish channel

SPX is trading around $4,122. Trend remains bullish as price continues making higher highs and higher lows. Price is still trading inside the upward sloping channel since July low at $3,720. The RSI has already provided us with a bearish RSI divergence in the 4 hour chart. Price is challenging support at $4,100. Failure to hold above $4,100 would be a sign of weakness and could push SPX towards $3,900.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022

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