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S&P 500 intraday analysis 26.03.2019

Short-term bullish bias
Key levels: downside: 2804 / upside: 2822

The index is starting to bounce off the 30-day MA after a doji close yesterday. This suggests buyers are still in the game following the break of the major resistance of 2820. The RSI is yet to penetrate the over-bought area and we might see renewed strength on the upside.

On the 4H chart, the price met strong buying interests near the key support of 2780. If it succeeds in cutting through the MAs, an extended rally might be triggered. On the hourly chart, the RSI divergence was a sign that selling pressures have faded. Then the bullish MA cross that ensued is a robust sign that a reversal could be underway. Both MAs have become support levels to contain any pullback.

An extended rally would send the price above 2822. The downside risk would be a break under 2804.

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