SP500 is forming potential
bearish divergence as shown in the daily chart. A break below the 1779.09 swing
low is needed to confirm it.
The 20-day MA at 1795.55
has been supporting the minor pullbacks since last November.
Therefore, the 1795/1779
support area is key.
While this support zone
holds dips, there is scope for new highs.
If this area is broken
to the downside, then the 50 day MA at 1756.48 is the next support. That is
about a 3% pullback from the 1813.55 high.
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