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VisualMod t1_iyeo54p wrote

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VisualMod t1_iyeo5ui wrote

The US 500 index is currently trading at 4,747.4 points, up from its opening level of 4,616.2 points. The index is up 0.5% on the day and has a positive RSI of 60%.

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thekittynati t1_iyeoq7s wrote

I’m seeing resistance at around 4090.

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No_Tbp2426 t1_iyerif7 wrote

Why isn't your regression line centered in the middle of the channel? Also we don't confirm breaking resistance until it retests. Only trade on it if it retests.

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No_Tbp2426 t1_iyexqzt wrote

Replying to lordinov (#827,489)

Your lines are completely off for a proper downward channel and regression line. Also, support and resistance should be lateral points in the channel that are historic points likely to cause change in trend.

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No_Tbp2426 t1_iyf19bp wrote

Replying to lordinov (#829,974)

Yes, look at the bottom there are other lines that follow way more points than the line you have drawn & same with the top. It is a visual representation of the average therefore the strongest line has the most points bouncing off/ around it. I would take the top line that has 4 points connected vs yours with 1 point. And I would take the bottom line ~5 points than yours with 2. In addition there is a shit ton of movement in the middle of this channel you're completely ignoring by not including a regression line. For the support/ resistance yours are actually pretty good. Also, remember things can break out of the channel and that is indicative of it trying to break trend.

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No_Tbp2426 t1_iyf69by wrote

Replying to erjkl737 (#833,014)

Don't tell me your stupid enough to think that something that is a continuing trend/ pattern isn't what you should be trading off of. Who said anything about 3? I said the more the better.

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