S&P Index Chart Analysis
- Market continues to be uncertain with prices continuing to range. S&P is now at the top of the range but has also just rejected the 10EMA. With oil markets seemingly recovering and the US government supporting the market, market could possibly recover from here.
- However with the overlay of covid-19 not improving around the world and lockdowns leading to lower consumer demand, it may mean that this recovery is unsustainable. From the charts we see that traders are not very comfortable trading above the 2980 level.
- If market trades above the 2980 level, traders can prepare for a long setup back to previous high. Else traders may position for a range trade back down back to 2,800 should market trade below last low of 2908.
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