S&P500 Breaks the Trend Line

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The S&P500 index pulled back after touching a new all-time high.

However, with the 3388 support giving way, the index closed lower.

The break of the minor rising trend line saw price attempting to pull back once again. But the gains were limited to the 3388 region, which is now acting as resistance.

To the downside, the S&P500 index is supported by the 50-day moving average.

This confinement could result in a possible breakout. The bias remains mixed for the moment.

If the index loses the 50-day moving average support, then we expect prices to push lower. The next main support area is near the 3200 level with the 200-day moving average sitting just a few points further below.

To the upside, the S&P500 index will need to clear the 3388 price point and possibly breakout from the previous highs near 3528 to confirm further upside.

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