The US S&P 500 index is currently sitting on the crucial 50-day MA rate of $4,438. It’s difficult to predict where equities will go but a failed break below the 50-day MA could allow equities to push higher towards $4,650. A break below the 50-day MA will however invalidate the 5-wave impulse pattern which will see the index fall to the 61.8% Fibonacci retracement level of $4,310.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.