Murrey Math Lines 19.01.2024 (Brent, S&P 500)

Brent

Brent quotes are on the 200-day Moving Average on H4, indicating a lack of any trend. The RSI is testing the resistance line. In this situation, a downward breakout of 2/8 (78.12) is expected, followed by a price decline to the support at 0/8 (75.00). The scenario could be cancelled by rising above 3/8 (79.69). In this case, Brent quotes might rise to the resistance at 5/8 (82.81).

On M15, a breakout of the lower boundary of the VoltyChannel could increase the probability of a price decline.

S&P 500

The S&P 500 index quotes are above the 200-day Moving Average on H4, revealing the prevalence of an uptrend. The RSI has broken the resistance line. In this situation, the price is expected to rise above 7/8 (4804.7) and continue growing to the resistance at 8/8 (4843.8). The scenario could be cancelled by a downward breakout of the support at 6/8 (4765.6), in which case the stock index might drop to the 5/8 (4726.6) level.

On M15, the upper boundary of the VoltyChannel is broken. This increases the probability of a further price rise.