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March 27 S&P 500 Update – Red Candles Above the Resistance Line

The S&P 500 started the day with a bullish gap higher. $SPY is still trading above $520, and there have been four consecutive red daily candles and counting. Today’s daily candle is also red despite opening with a bullish gap higher, and $SPY has traded above the white resistance line for a week. I think the price is struggling to drop, SPY briefly dropped below $520 and rebounded. At the same time the price is struggling to climb up higher with a lot of sellers and red candles above the resistance line.

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