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Technical Analysis – US 500 index slides beneath rising trend line
April 8, 2024 10:27 amVideo
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US 500 creates some downside recovery
Oscillators indicate bearish correction
The US 500 cash index has lost some momentum in the preceding days, diving beneath the steep uptrend line, but the outlook remains bullish in the long-term view.
Technically, the RSI indicator is flattening above the neutral threshold of 50, while the MACD dropped beneath its trigger line but is still above the zero level. Both currently confirm the bearish correction in the market.
If the price continues the upward trend, then immediate resistance could come from the all-time high of 5,282 before challenging the 261.8% Fibonacci extension level of the down leg from 4,600 to 4,100 at 5,425.
On the other hand, a slide below the 5,137 support could take the index towards the 50-day simple moving average (SMA) at 5,093 ahead of the 5,050 barricade. Below that, the 161.8% Fibonacci extension of 4,920 may act as a turning point for traders.
All in all, the US 500 index is strongly bullish despite the latest downside movement and only a clear break beneath the 200-day SMA could switch the outlook to bearish.
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