Ransquawk

Quotations of the US S&P500 index during yesterday’s session slid under support at 2741 and set the minimum for the next key area at 2690.50. As can be seen in the daily chart below, support at 2690.50 stopped sellers at the end of May and at the turn of June and July this year. The strong demand response caused the session closing rate to come back above the support at 2741, and as a result, a bullish pin with a long shadow was created on the chart. The above behaviour of the price action indicates the potential to rebound after recent declines. The next resistance in the case of such a scenario is the EMA 10/20 channel. The key horizontal area, however, can be found around the level 2820.

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