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The equity traded bearishly for the most part of last week.
Following the gains from the week before, the S&P500 briefly rose to a one-month high before giving back the gains. The reversal also comes a few points shy of the all-time high near 3589 level.
The current reversal could see price pushing back lower. This could see a possible retest of the 3388 level once again. If this level holds up as support, then the upside bias will remain intact.
However, if the S&P500 loses the 3388 handle, further downside could be likely. This could see prices pulling back lower toward the 3275 level where the next support level could be tested.
But the confluence of the horizontal support and the 50-day moving average near the 3388 level could see prices reversing. For the moment, the S&P500 could remain range-bound within the 3589 highs and the 3388 support area.
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