RUT (Russell 2000) 1 Yr / Daily Chart
We've drawn a few channels on this chart to give us an idea of the range we expect this index to move within the short term.
The bold green channel is most likely, but also see that we have drawn a red channel that points down. Price action will show us which one to follow in the upcoming weeks. We would have to break the uptrend in order to participate longer term in the downward channel.
SPX (S&P 500) 3 Month / Daily Chart
Last night we talked about how the SPX found support where the upward trendline intersected with the 50day Moving Average. Understanding these trendlines and moving averages on your charts will help you determine key support and resistance areas. (See highlighted area)
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