SPX 2-Hour Chart Downward-Sloping Channel

The 2-hour chart shows how price respects the 50 and 200 MA's and is now fighting to punch up through the 50 MA at 1613.57. The 1614 is strong S/R so this will be a key level to watch today and considering the futures are at +8, price may want to come up to test 1614 directly at the open. If 1614 gives way to the upside, then the 200 MA at 1622.21 would be targeted. Once price would move up through 1614-1618, an attack of the 1618-1623 resistance gauntlet is a given. Interestingly, the 200 MA on this chart falls within the important 1618-1623 like many other parameters highlighted previously. The importance of this 1618-1623 battle zone cannot be understated.

Price is playing at the top rails of the downward-sloping channel. The price action above and below the 50 and 200 MA's will provide hints on market direction. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.