SPX: Bullish divergence suggests bullish continuation and a more solid bounce

SmartReversals
04-01

$S&P 500(.SPX)$ : Stay open minded, this bullish divergence suggests bullish continuation and a more solid bounce.

As a first milestone, the 20DMA (blue line) will set the first resistance.

The bounce from the lower Bollinger band was the missing point for a reversal, and the Bollinger band supporting the bounce

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Here's my analysis from March 30:

SPX is at Extreme Fear, but make no mistake, during 2022 this level may have preceded bear market rallies, but price continued setting lower lows printing a painful bullish divergence that ended in October 2022.

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