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S&P 500 chart setup hints move lower brewing, USD at standstill
S&P 500 technical positioning hints prices may be preparing to launch another push lower while the US Dollar is waiting for follow-through on a bullish setup. S&P 500 – Prices appear to be forming an ascending Triangle chart pattern with resistance marked by the 50% Fibonacci retracement at 1391.20 and support at a rising trend line set from the April 10 low. The setup is classically associated with bullish continuation, but that is difficult here considering “continuation” would imply a bearish bias. Confirmation is needed on a breakout from the Triangle to establish its implications. Support lines up at ... (full story)