Support Still Holding The S&P

9 พ.ค. 2022

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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