The S&P 500 had hit resistance in a channel for two times. Both of the times it failed, and went back to support. On the third time, it hit it and then made a tiny pivot. Then it just climbed back up to resistance, and that is where we are today. The S&P 500 may break above because when the index had a small pivot, it gained buying pressure, and was not as overbought. I advice to wait and see what happens, and even if it breaks above it, it will most likely have a test. Which means that it will come back down on top of resistance, and if it passes the test, then it is a true breakout.
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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.