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S&P 500: Continuation of the rebound

The S&P 500 hovered between 1495 and 1531 in the past week, as the market still consolidates above the key psychological level of 1500. At 1.518 at the time of writing, the market is recovering the losses made on Wednesday and Thursday with the bulls set to push for the continuation of the rebound. With the RSI above its neutrality area on the 30 min chart, the outlook for the day remains in line with the long-term bullish bias in the market. The upside penetration of 1522 would open the door for 1526 and 1530. In the alternative scenario, we would need to see a consistent break below 1503 in order for the bears to take the upper hand, but this is hard to imagine at the moment. On the economic data front, things are quiet today with traders eyeing the swathe of US figures duo for release tomorrow.

Dafni Serdari
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