The risk on trade allowed equities to bounce off of their recent lows which saw the SPX test the 50-day MA resistance level of $5,130. A failed break above this resistance rate will allow the index to fall further onto the 38.2% fibo retracement level of $4,822.
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Disclaimer
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.