S&P 500 Reversal attempt! Starting level 3800!
The index continues to be under strong pressure from external and, as a result, internal economic factors from the end of 2021. The S&P 500 is in the zone of bearish influence in a fairly wide downward volatility channel. At the current moment, it has approached its key support, the level of 3800, below which there may be a large pending buying demand of the corrective movement in the medium term. A reversal candlestick pattern is formed on the D-1 chart, which is an indirect confirmation of the buying demand. It is this support level of 3800 that is quite capable of starting a reversal impulse to the level of the trend line of the downward channel, and the resistance level of 4000 is the starting point for growth inside the channel and an attempt to restore sustainable demand. A breakdown of support at 3800 opens the possibility of a historical level of 3500, which should not be ruled out in the short term. This is facilitated by the growing energy and raw materials crisis in the world, which puts strong inflationary pressure on the US economy.
The index continues to be under strong pressure from external and, as a result, internal economic factors from the end of 2021. The S&P 500 is in the zone of bearish influence in a fairly wide downward volatility channel. At the current moment, it has approached its key support, the level of 3800, below which there may be a large pending buying demand of the corrective movement in the medium term. A reversal candlestick pattern is formed on the D-1 chart, which is an indirect confirmation of the buying demand. It is this support level of 3800 that is quite capable of starting a reversal impulse to the level of the trend line of the downward channel, and the resistance level of 4000 is the starting point for growth inside the channel and an attempt to restore sustainable demand. A breakdown of support at 3800 opens the possibility of a historical level of 3500, which should not be ruled out in the short term. This is facilitated by the growing energy and raw materials crisis in the world, which puts strong inflationary pressure on the US economy.
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