S&P500's potential short-term support


The above chart shows hourly price action. Key support may potentially be at the confluence of factors including the S2 pivot level, price congestion support (green rectangle) and the 38.2% Fibonacci retracement level. The stochastic has also started moving up from potentially buyer friendly levels (green ellipse). A pullback in the SPX500 may provide a “buy the dip in an uptrend” opportunity.

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