S&P 500: Keep an eye on 4,337!

 


The bears, who have been arguing that a U.S. government shutdown would add to risks of a long-rumored recession, managed to take the S&P 500 down for the fourth straight week but were unable to dive the index below its 200-day EMA, ~ 4,265/key support at 4,279.

One may want to keep an eye on the key resistance at 4,337 after Biden signed a bill late Saturday to avert the shutdown. Buyers could step in if the index breaks above the 4,337 level. The probability of a breakout is relatively high as the last time the S&P 500 was down for five straight weeks was in September 2013, when Fed chair Ben Bernanke unveiled his plan for winding down his quantitative easing program.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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