I wrote about the S&P 500 February yearly low support level of 1044. Today we tested that level and preceded to bounce off quite hard to finish at 1074. Click chart to view.
Testing support levels and bouncing off of them can be seen as a bullish sign and higher prices to come in the days or weeks to follow. I expect to see a short rally (few days to weeks) then a resumption of the downtrend and the possibility of taking out the year low of 1040, so I don't feel the urgency to be buying stocks just yet. Thank you for reading.
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