SP500- Important moment for bulls

٢٢ أغسطس ٢٠٢٢

Since mid-June, SP500 had a very good run with the index rising around 15% from the bottom to the top.
However, since 4300 recent top, the index has started to drop and now is trading at 4200.
Looking at the daily posted chart we can see that 4100-4150 is a very important horizontal support and is imperative for bulls to maintain this zone to keep momentum to the upside.
On the other hand, a drop under this support to the 4k zone would signal a new lower high and more importantly a false break to the upside and the bearish trend that started at the beginning of the year most probably will resume.
That being said, I'm slightly bullish as long as the price is above the mentioned support