- SPX Four hour chart has given a breakout above the resistance line.
- Indicators are showing overbought levels.
- But as shown in the second chart overbought reading can go both ways.
- In a strong market indicators will stay overbought as price keeps moving up.
- Yesterday SPX broke its 50 day moving average. As long as price stays above this crucial moving average Bulls are safe.
- S&P 500 CLOSES ABOVE 50 DMA
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