The S&P 500 continues to use the 20 and 50 simple moving averages as support along the trend that is currently in play.
On July 19th 2021, price pulled back to the 50 simple moving average yet again which coincided with a previous resistance turned support level at $4257.
A nice clean bounce from this level took price above the previous all-time high at $4393 where price is now hovering.
When price broke above this level, we wanted to see a nice continuation of solid bullish bars, but instead, we are seeing this level acting as support after only a couple of days from breaking out.
This does not mean much based on the bigger picture as the bull trend still looks strong. But we could see another pullback to either the 20 and 50 simple moving averages.
As long as the trend remains bullish, we will continue to look for long opportunities in both the UK and US stock markets.
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