Can the S&P 500 Index hold the 200-day moving average?
Key points from the above chart of the S&P 500 Index:
- Intermediate trend is down.
- Near-term trend is sideways.
- Attempting to hold the 200-day moving average of 1,263.
- The two spinning top candlesticks are neutral and represent the battle between the bulls and bears.
- Major support is the March low of 1,250.
- Major resistance is 1,370.
- Resistance is 1,300 in the June lateral trading range.
- RSI is confirming the downtrend.
- RSI can identify divergence and gave a early warning that the May high would not hold.
Reference the previous analysis for the S&P 500 Index.
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