S&P500 – Rising trend line support stands exposed

SP:SPX   S&P 500 Index
Rising trend line drawn from Feb low and June low comes around 2125 levels today and is seen shifting higher to 2130 by Friday.

The 50-DMA has topped out and is now showing first signs of sloping downwards. Bearish break from the symmetrical triangle formation yesterday did add credence to the bearish signal given by 50-DMA and has opened doors for a sell-off to 2130-2120 levels.

Bulls have little to worry so long as the trend line support is not breached on day end closing basis.

On the higher side, fresh buying is seen above 50-DMA (seen today at 2167).
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