US500 neutral

S&P 500 is trying to stop the decline

16 march 2022 107
Volkov_Anton
Volkov_Anton

Listed among the best MarketCheese authors
1st in the segment "Currencies"
2nd in the segments "Indices" and "Metals"
3rd in the segment "US stocks"
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For the third time for the last month, the S&P 500 index has tested of strength against the support level of 4150. And again, buyers did not let the price fall down creating an upward bounce with the "bullish engulfing".

 

The problem is that now the downtrend line hangs from above from the historical maximum of 4,807.5. There should be a serious reason for its breakdown. For example, market participants may focus on the positive things in the comments of Fed officials after today's meeting.

 

In case of a breakdown of the downtrend, it is necessary to consolidate above the level of 4300.

Volkov_Anton
Volkov_Anton

Listed among the best MarketCheese authors
1st in the segment "Currencies"
2nd in the segments "Indices" and "Metals"
3rd in the segment "US stocks"
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