S&P 500 Price Action – Pin Bar Rejections Off Support | Nov 10
S&P 500 – Stable Trend, Key Support Marked (4hr chart)
One of the more stable bull runs as of late has been the S&P 500 which has virtually been above the 20 EMA since the middle of October. Recently the US index formed resistance at 2025, only to break above and pullback right into this level before pushing higher.
Notice the two pin bar rejections off that key support level. This shows how the buyers are buying intra-day dips off the level, so we now have a ST key support marked.
If this level holds again, then it should re-attack the yearly highs above 2037. If this level fails, then it should pullback towards 2012 and 2000 testing to see if bulls want to come back in on the quick. A failure of 1987 would lead to deeper losses before making another run higher.
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