The Technical Indicator: Charting a December bounce: S&P 500 nails major support [MarketWatch]
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Source: MarketWatch
Charting a December bounce: S&P 500 nails major support Editor’s Note: This is a free edition of The Technical Indicator, a daily MarketWatch subscriber newsletter. To get this column each market day, click here. Technically speaking, the U.S. benchmarks have reversed respectably from the December low, punctuating a massive early-month downdraft. Against this backdrop, the S&P 500 has maintained significant support (2,581), bottoming this week within two points. The prevailing rally attempt’s aggressiveness, or lack thereof, should be a useful bull-bear gauge. Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +0.02% hourly chart highlights the past two weeks. As illustrated, the S&P has maintained major support, rising sharply from eight-month lows. More specifically, Monday’s session low (2,583) registered just above the 2018 closing low (2,581) established Feb. 8. The swift reversal punctuates a bullish single-day pattern, though follow-through is required. Next
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