SP500 testing 8EMA

20/04/2021

The SP500 is down for two consecutive days, something unbelievable nowadays, and it was seen -0.2% during the US session, trading at around 4,160 USD.

The index is testing the 4,150 USD level, where previous short-term highs are located, along with the 8-day exponential moving average. It looks like this support will be enough to send the SP500 further higher as the dip is already being bought at the time of writing. 

If the index defends the mentioned 4,150 USD zone, it will make it a whopping 1% drop from all-time highs before rallying again. Wau.

Another support could be seen at around 4,080 USD, where the 21-day moving average is.

Alternatively, the resistance is near 4,175 USD and afterward at around the current cycle highs at 4,190 USD. Should the current pace of buying continue, we will probably see new records tomorrow. 

Additionally, it looks like the bubble phase will continue for many days before some meaningful correction. 
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