S&P 500 Now Back at the Bottom Trendline of the 2011-2015 Price Channel

Key points discussed in this video:

1. EURUSD has rallied since the market opened this week. It is also at the bottom of a price channel that has an 800-1000 pip range, and so this could be a very favorable setup here. Personally, I will be waiting to see if the market forms an accumulation pattern here, but some traders may find the situation sufficient to warrant an entry now.

2. The S&P 500 is back at the bottom trendline of the channel that ran from August of 2011 to August of 2015. This is the first time the S&P 500 is testing the bottom of that channel, and so it may run into resistance and send the index back down. It should also be noted that the bottom trendline of the channel also coincides with the 50 week SMA, which may be strengthen the resistance level of the price point.

3. USDJPY is now at a resistance level. For those with long positions, this may warrant taking profits or moving the stop to breakeven. Personally, I'm holding out for a much longer-term trade anticipating a move to at least 140.

S&P 500 Now Back at the Bottom Trendline of the 2011-2015 Price Channel