A pullback is inevitable after a strong run in recent weeks. Here is the support level for S&P500. Bias is to the upside if support at 1120 region holds. The bulls need a CLOSE above this level in order to resume the upside move.1273 region serves as strong resistance.
On the daily chart, the pullback or selling retraced all the way to the top of the Ichimoku Clouds after hitting the 200day MA. Top of Ichimoku Clouds served as strong support where buyers who missed the earlier rally up would hopefully pile in to support the prices.
S&P500 Daily Chart
S&P500 Weekly Chart
On the daily chart, the pullback or selling retraced all the way to the top of the Ichimoku Clouds after hitting the 200day MA. Top of Ichimoku Clouds served as strong support where buyers who missed the earlier rally up would hopefully pile in to support the prices.
S&P500 Daily Chart
S&P500 Weekly Chart
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