ðĨ Stocks Reject From Most Important Resistance In 2022 ðĻ
A few days ago I made an analysis on the SP500/stock market and the fact it was trading at the main bearish resistance.
As seen on the chart, the SP500 has made a lower-low since it broke through the yellow support (anchored at the previous impulse low). Honestly, this looks bad. The purple resistance is holding very well and has caused significant damage to the markets on every rejection. In addition, we lost the uptrend by breaking through the blue bullish trend line.
Might be too early to tell whether we're going to make new lows, especially with the FED interest meeting around the corner, but I'm certainly cautious.
Crypto is holding up pretty well at the moment, most likely because most of the sellers have already sold and there's just not a lot of people left to sell at the moment. Nevertheless, if the stock market will continue to go down we can expect BTC to make new lows.
As seen on the chart, the SP500 has made a lower-low since it broke through the yellow support (anchored at the previous impulse low). Honestly, this looks bad. The purple resistance is holding very well and has caused significant damage to the markets on every rejection. In addition, we lost the uptrend by breaking through the blue bullish trend line.
Might be too early to tell whether we're going to make new lows, especially with the FED interest meeting around the corner, but I'm certainly cautious.
Crypto is holding up pretty well at the moment, most likely because most of the sellers have already sold and there's just not a lot of people left to sell at the moment. Nevertheless, if the stock market will continue to go down we can expect BTC to make new lows.
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