SPX Technical Analysis

The S&P 500 has successfully retested the breakout level of 5,670, indicating that sentiment remains positive and traders are buying on dips. If buyers push the price above 5,768, this will signal the continuation of the uptrend. The index could rise to the psychologically important level of 6,000, where bears could mount a strong defense. This bullish view would be negated in the near term if the price declines sharply and breaks below 5,670. This would be the first sign that bulls are taking profits. Selling could intensify if the price falls below the 50-day simple moving average (5,559).