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.
This content is for informational purposes only and is not intended to be investing advice.
