S&P500 Trade the Pivot Zone

S&P500 broke again above the 1D MA200 (orange trend-line) today after making a strong rebound at a level (4220) not seen since June 22 2021. This has certainly restored the bullish sentiment on the short/ medium-term but there is a key Pivot Zone to consider within 4500 - 4550 that acted as Support/ Resistance on three prior occasions.

With the 1W RSI also rebounding at the bottom of its Channel Down, there is a strongest case to restore the long-term bullish sentiment but it is best to keep your approach on the medium-term and buy above the Pivot Zone (target the Higher Highs trend-line) and sell below it (target near the 4220 Support).

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