The S&P 500 continues to recover from the recent declines that started at the beginning of the year. From the low in February, price has climbed up 10% so far.
A few weeks ago price moved back above the 50 simple moving average, which turned from resistance to support.
The market looks a lot different than it did while it was falling during January and February, when everyone was calling for a market crash.
This did not unfold and instead, we are seeing a recovery taking place. To be on the safe side, before we confirm a trend continuation, we need to see price break and close above the all-time high from January 3rd 2022 at $4818.
Patience is needed for now.
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