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Above is H-A chart for SP500

In America:

SP500 -0.43%
Dow Industrials -0.28%
Nasdaq100 -0.83%
Dow Transports +0.46%
Russell 2000 -0.26%
Comment: The market opened well down but then climbed most of the day to finish down moderately. Impressive rebound.

NewHighs/NewLows. NH>NL. 93/38. Ratio: 71%. Out of the Do Not Sell Zone. New Lows are in the nervous zone. NHs are still higher than New Lows.

Technical Comment on the SP500

Indicators:
MACD Histogram. Below zero. Negative.
MACD. Below zero. Negative.
RSI.9 is at 48.6. Below its mid-line. Negative.
Stochastic. 48.7. Falling. Negative.
CCI.14: -82.8. Negative.


Support and Resistance:
Major Horizontal Support: 1526.72
Major Horizontal Resistance: 1573.66. (Yesterday’s high.)
Wednesday’s low: 1549.8

The index has rebounded strongly off the 40-Day TMA. It closed above Wednesday’s low. So no break in trend has been confirmed.



Today’s action was impressive. The pullback in the American market may be over. Today’s action needs to be confirmed by a strong up day.

Bulls won't be too concerned until a significant break below the 40-Day TMA and the support line of the up trend channel.

Redbacka