The S&P 500 started off the year volatile but we are starting to see price organise itself with the aid of the weekly 50 simple moving average.
The last time price came into contact with the 50sma was in June 2020, near the start of the current bullish rally.
It wasn’t a surprise to see price run out of steam as it had been such a strong run. We identified multiple levels of support that price could come down to and you can see that the 50sma has held well.
Price has traded below the weekly 50sma in the recent pullback but has not closed below it which is a good sign that this indicator is acting as a strong level of support.
Price is looking bullish so far this week so we want to continue to see bullish momentum and a continuation to the upside.
We are holding back from entering any new positions until we have clear signs that there is strength in the market once again.
See below for more information on our trading techniques.
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.