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SPX500 Remains Above Support

SPX500 Remains Above Support

Thomas Long, Course Instructor

This SPX500 4-hour chart shows how bullish the US stock market has been in the last two months. For a reversal, I would first expect to see the market move down through the trendline on the chart. But I would really expect to see a move down through the previous low at the 1171.10 level. A move down through that price level could be a good indication that a bigger reversal might be in store. That move might also start a USD rally as traders move from risk acceptance to risk aversion.

SPX500_body_71868d1289405222-chart-day-spx500-1110.png, SPX500 Remains Above Support

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