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The S&P500 index has so far maintained a rather low profile. However, over the course of the week, while precious metals took the limelight, the major US equity index managed to break out of its range.
On Friday, 7th August, the index closed at 3354. It is now about 40 points off from the all-time high record set earlier in February this year.
The support level is at 3200, which could be tested in case of a move lower.
However, if the index manages to break out above its previous all-time high records, then we could see a move higher. Both the moving averages are firmly in the bullish territory.
In the short term, any pullback will be stalled by the rising trend line.
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