Mrpips

S&P500 monthly

SP:SPX   The S&P 500 Index
43 0 1
The monthly trend line remains intact for now but a break of this support level would suggest to me of a more severe pull back. Bearish divergence on the monthly chart had warned of recent weakness and like the Elliott Wave indicator, had been looking for a test of the 1,600 region but this might not evolve. Any new monthly close back above the 2,000 level would help to support the recovery
Comment: A break of the monthly support trend line. The monthly trend line remains intact for now but a break of this support level would suggest to me of a more severe pull back. Bearish divergence on the monthly chart had warned of recent weakness. I had been looking for a test of the 1,600 region but this might not evolve. Note the bullish engulfing style candle
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