SPX
Time frame: H4
Technical Analysis: The chart shows a strong range between levels 2943 and 2810. On Friday, after China announced new US tariffs, President Donald Trump did not go back and announced that previous tariffs of 25% were up 30%, and the new tariffs of 10% rise to 15%. This led to a sharp fall in the price of the index, which managed to reach the lowest support at the yellow trend line. Overnight rose 55 points, pushing back above the blue trend line. This trend line symbolizes support and if the price manages to reach it again then we can position ourselves with long positions.
Indicators: RSI and DeM are moving out of their over-bought values, which supports purchases at the blue trend line.
At this stage, all moving averages play the role of resistance, the strongest being the 200 period SMA, as it has not been tested so far after its breakthrough.
Alternative scenario: If the price goes back under all supports, then we can see a new decline to the previous strong level of 2780.
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