S&P 500 tests THIS resistance after NFP bounce
Following the weaker US NFP data and thanks to strong performance from Amazon, the S&P 500 rallied. But this comes hot on the heels of a big drop the day before, which means the recovery could fade if Thursday marked a reversal day in the markets.
At the time of writing, the SPX 500 was testing resistance right around the 5770-5775 area. Previously this was a key short-term support zone until Thursday's breakdown. Now below this area, the 200-period MA and the bullish trend line, could we see this zone now turn into resistance?
If the selling resumes here then the next big area of support below Thursday's low is at around 5670, marking the high made back in July.
By Fawad Razaqzada, market analyst with FOREX.com
At the time of writing, the SPX 500 was testing resistance right around the 5770-5775 area. Previously this was a key short-term support zone until Thursday's breakdown. Now below this area, the 200-period MA and the bullish trend line, could we see this zone now turn into resistance?
If the selling resumes here then the next big area of support below Thursday's low is at around 5670, marking the high made back in July.
By Fawad Razaqzada, market analyst with FOREX.com
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