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FX.co ★ SPX rejection at trend line resistance after the announcement of NFP.

SPX rejection at trend line resistance after the announcement of NFP.

SPX rejection at trend line resistance after the announcement of NFP.

Blue line- resistance

Green lines- Fibonacci retracements

SPX is trading around 4000-4020. In our previous analysis we warned bulls that price was very close to a key trend line resistance that so far has provided two rejections and trend reversals. Technically trend remains bullish in the short-term as price has not broken below the latest higher low at 3,937. As long as price is above this level, short-term trend will remain bullish. The RSI has not reached yet overbought levels, so there is still room to the upside. But the blue trend line at 4,100 is a very important resistance. So far we see price getting rejected at the resistance trend line. Traders need to be patient and bulls extra cautious.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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