SPX testing bullish trend line support – Is it time for a bullish reversal?

The U.S. futures took a bearish as soon as the markets open for trading to trade at $2,824. Most of the bearish trend begun after Trump...

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The U.S. futures took a bearish turn as soon as the markets opened for trading, to trade at $2,824. Most of the bearish trend began after Trump threatened to heighten the import duties from 20% to 50% on Chinese imports.

Technically, the SPX has tested the bullish trendline support area of $2,826. The closing of Doji candle right above bullish trendline support is suggesting a changing sentiment of investors.

SPX - 2 Hour Chart

S&P500 can take a bullish reversal above $2,826 to target $2,850. Whereas, below this ($2,826), the markets can go after $2,799. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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