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S&P 500: Bullish daily candle – UBS column

Review: The S&P 500 also came under strong pressure the day before and fell to 3,636 points in the day’s low. And thus exactly to the important Fibonacci fan in the weekly chart, which is currently listed at 3,640 points. As long as this Fibonacci fan can be defended, prices can be expected to continue to rise over time. Downward corrections in the S&P 500 usually expire in the area of ​​the 10-EMA, including the day before. After the price slide in early trading, the index recovered quickly and went out of trading with a bullish day candle with a long lower shadow and a small white candle body. In addition again slightly above the 10 EMA. The upward trend in the S&P 500 is still clearly intact.

Outlook: Should follow-up purchases follow after the previous day’s recovery, a renewed ramp-up could be expected.

The long scenarios: The S&P 500 can continue to defend the lower Fibonacci fan in the weekly chart at 3,640 points and thus remain bullish. If a sustained rise above the 10-EMA in the daily chart then succeeds, a trend continuation and a run-up to the course high of 3,726 points would be expected. The next big starting point would then be seen at 3,750 points. If it goes higher, a run-up to the mark of 3,800 points would be expected.

The short scenarios: The S&P 500 was trading a little lower again early Tuesday morning at 3,680 points. Should the index no longer achieve a sustained rise above the 10-EMA, another price slide to support at around 3,640 points would be expected. Below that, the situation for the S&P 500 would deteriorate significantly, as the bears in the large picture would then succeed in a price slide below the Fibonacci fan in the weekly chart. The first starting point would then be the 50 EMA in the daily chart at currently 3,572 points.

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