S&P 500 Index Forms a Bearish Candlestick
makes sense at this point, as it could reach down to the 4100 level, which was the previous support level for the trading area that we are currently in. A pullback is also expected because the market has seen a massive upward movement, and momentum studies indicate that it is overbought. If the S&P 500 breaks down below the 4100 level, it may go looking toward the moving averages, which are currently sitting just above the 4000 level.
In addition to the technical factors, there are also several fundamental factors that are influencing the market. For instance, the ongoing COVID-19 pandemic and the global vaccine rollout have been affecting the market significantly. Economic data and earnings reports are also important drivers of the market.
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