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S&P 500 Eyes Pullback Toward 3050

Published 11/20/2019, 02:43 PM
Updated 07/09/2023, 06:31 AM

SPX has made an all-time high above 3130 and is now trading just above 3100. This is the first short-term support and next support is 3050. I expect SPX to roll over toward the 3050 area where the first important test will be.

Daily S&P 500

RSI is overbought and turning lower – same for the Stochastic. If price fails to hold 3100, I expect to see the pullback. At this point I do not expect a major correction or something bigger than a decline lower than 3000.

Wishing all a great trading week ahead.

Latest comments

you were right about the long position on s&p 500 to your last article I hope you double right predictions this time also
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