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Trendline bounce

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A very simple chart today for the S&P500. It hit the uptrend support from the Nov lows again today at 1608 and a strong rise saw it find resistance at the short term downtrend.

A break of either of these ought to signal further moves in the relevant direction. Note also that today formed a bullish engulfing candle so I favour the upside here after a retrace to half way down today's candle.
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Guest Friday, 20 May 2022