S&P500 – Rising trend line hurdle comes into play

SP:SPX   S&P 500 Index
S&P 500             jumped in early trade but has failed to hold above the rising trend line (drawn from Feb low and June low).

Traders should keep an eye on today’s close, which if below the descending trend line (Aug high and Sep high) would signal the recovery from the November 4 low has run out of steam.

On the other hand, a close above the rising trend line would open doors for a rally to record highs.
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