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S&P 500 - Daily

S&P 500 - Chart & Data from IG

By Minipip
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The S&P 500 has broken through the support trendline on the daily timeframe, will the bearish movements continue?

From a technical aspect, the S&P 500 is trading at 3930. As shown on the chart it has broken through the support trendline (orange) and now it faces minor support at 3903 then at 3842 then at 3813. A break below these levels could see the index slide further towards a key level at 3743 (green oval). Although, this is more likely in the mid-term. Towards the upside, if support becomes stable, resistance sits at 3974 then at 3986 then at 4010. A break above 4010 may see the index climb back up towards 4100, this is more likely in the short/mid term. Looking at the indicators, MACD is currently negative and RSI is neutral as it reads 46. RSI is slightly faltering.

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