S&P Finding Turbulence at $4000

The S&P 500 broke above the previous all-time high at $3950 this week but has since declined back down
below this level. This is proving to be a strong level of resistance, and if you couple this with the $4000
round number above, then we have a strong hurdle which price may have difficulty breaking through.

The overall trend remains bullish, and the 20 & 50 simple moving averages continue to push price higher
but we need to pay attention to how price reacts to this cluster of resistance as we advance.

There is a clear pattern of higher highs and higher lows, so if price breaks and closes below a recent low,
then we may start to see a deeper decline. As for now, we can expect the moving averages to support price.

Should price break above the $4000 round number, we can expect to see the 12-year bull trend continue on its way.

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