S&P 500 Due A Breather?

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The S&P 500 continues to trend well and has been making use of the 20 and 50 simple moving
averages as support.

On April 1st 2021, price finally broke above $4000 which was anticipated to be a potential
strong level of resistance. Price broke through with ease, forming a linear move to the upside.

A pullback is due as price has seen a nice move upwards, so some selling off is natural. We just
need to identify levels of support price may come down to.

We have the 20 simple moving average, the $4000 round number, followed by the 50 simple
moving average.

Whichever level acts as support is irrelevant, we just need to continue to see a pattern of
higher highs and higher lows to confirm the uptrend is still in play.

Overall, the stock market is bullish and we may well continue to see bull trends throughout
the rest of the year.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.