S&P 500 1D Chart Observation 1 - S&P 500 is presently at the lower band of the upward channel formed since April 2020. Observation 2 – Focused view of the last 2 months shows, S&P 500 is seen taking support at 50% retracement level (Oct 4 Low – Nov 22 High). Conclusion: S&P 500 taking support at 50% retracement level on two months chart when it is at the lower...
beware if you are still long in it
The S&P500 seems to have tested the upper channel of the bullish range. It should correct to 2450-2600 soon. Anything below 2400 would be a change of trend from bullish to bears taking charge.