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S&P500 Remains Above Key Support

S&P500 Remains Above Key Support

Thomas Long, Course Instructor

This 4-hour chart of the S&P500 shows a series of higher highs and higher lows. A move down through the 1122.40 support level would break this pattern, so traders should keep an eye on that price level to see if more selling would come into the market on that break. More selling might mean a return to the USD as a flight to safety, so even if you do not trade the S&P500, you should be aware of the current relationship between stocks and currencies. To sum up.....if stocks sell off, the USD could rally.

SP500_body_68293d1285682303-chart-day-spx-928.png, S&P500 Remains Above Key Support

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.