Support Still Holding The S&P
The S&P 500 was held at support last week with price unable to break and close below it.
The support is from the low of February 24th 2022 at $4114.
Because the level has not been broken for over two months, it is proving to be a strong level.
This, however, does not mean that it can not be broken, the likelihood is just slim,
but with the markets, anything can happen.
We expect to see a bounce from support and a move back to the upside, above the
200 simple moving average and then the all-time high at $4818. If this occurs, then
we should see a bull trend back in play.
If the support level is broken and price forms a pattern of lower lows and lower highs below it,
we may see a bear trend forming. In the meantime, we will have to see how this week plays out.
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As always, keep it simple, keep it Sublime.
The support is from the low of February 24th 2022 at $4114.
Because the level has not been broken for over two months, it is proving to be a strong level.
This, however, does not mean that it can not be broken, the likelihood is just slim,
but with the markets, anything can happen.
We expect to see a bounce from support and a move back to the upside, above the
200 simple moving average and then the all-time high at $4818. If this occurs, then
we should see a bull trend back in play.
If the support level is broken and price forms a pattern of lower lows and lower highs below it,
we may see a bear trend forming. In the meantime, we will have to see how this week plays out.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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