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S&p 500 index nears important long-term trend support

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  • By admin
  • 10 May, 2023

Below is a “monthly” chart of the S&P 500 Index.

S&P 500-Monthly ChartS&P 500-Monthly Chart


As you can see, its multi-decade trend remains up at each (1). And its long-term trend remains up at each (2).

But this is where things get tricky. The peak in 2021 came at the long-term trend channel resistance. We then turned down from there. We then saw a small bounce off the 14-year uptrend line marked by (2) before making a lower high. And now the price is compressing at (3).

So while the trend remains higher for now, it is very important what happens in the coming weeks. Let’s say that the bulls need support to hold at (3). Stay tuned.

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