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S&P 500 – Needs to retake rising trend line

SP:SPX   S&P 500 Index
Despite pair’s rebound from 5-DMA today and a move back above 100-DMA level of 2142.62 levels, the bulls are likely to stay on the sidelines given the 10-DMA is still sloping downwards, while 50-DMA has topped out and prices are still trading below the rising trend line level.

Only a daily close back above rising trend line would open doors for a re-test of 2165-2170 levels.

On the lower side, sellers are likely to come-in below 2139.1 (Weekly classic pivot ). However, on a larger scheme of things only a daily close below 2120-2110 would suggest sell-off towards 2000 levels.
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