The S&P Still Above The 200sma

21 באפר׳ 2020

The S&P 500 has had good growth in the last few weeks but the momentum has now slowed down
and we are starting to see some weakness in price.

This may be a bullish pullback or we may see a continued decline in price. For this reason we are
standing aside from taking trades for now at Sublime Trading as we can not predict the next move,
but only act once we see trends start to form.

Price will head towards the 200 simple moving average if the decline continues and this area may act
as a support level. If price breaks through the 200sma then we have the December 2018 low at $2,346
which is a major support level.

As for now, price is above the 200sma and as long as it remains above it, we should see price resume
the overall 11-year bull trend.

Along the way up, price may encounter some turbulence at the $3,000 round number. A break and close
above the current all-time high at $3,393 will confirm a continuation of the uptrend.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.