FX.co ★ Technical analysis on SPX for August 9th, 2023.

Blue lines- bearish channel

Red line- bullish RSI divergence

SPX is under pressure today after a three day bounce from 4,466 to 4520. In the near term SPX is inside the blue downward sloping channel we see in the 4 hour chart. Price continues making lower lows and lower highs. Channel resistance is found at 4,530. As long as price is below this level, bears will remain in control of the near term trend and will push price lower towards 4,400. However the RSI is providing us with bullish divergence signs. Of course this is not enough for a trend change. This is only a warning. Not a reversal sign. If bulls manage to break above yesterday's highs they will be one step closer to breaking out of the short-term bearish channel.