S&P Experiences Another Pullback

17 May 2021

The recent declines in the market were just another profit-taking session for short-term investors.
It may have sparked a lot of fear amongst investors new to investing, but savvy investors would be
fully prepared for such events.

The $4000 round number is also below, should price decide to move further down. This level may
act as support, and further down we have the 200 simple moving average.

The S&P remains bullish and will frequently experience pullbacks to the 20 & 50 simple moving
averages, which is normal based on the history of this index.

At the moment, the 20 simple moving average is acting as resistance but shouldn’t hold price for
too long if the bull trend is strong enough.

Patience is required for now as price gathers up enough momentum to push higher. A break and
close of the current all-time high at $4238 will confirm a continuation to the upside.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.