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  • The S&P500 reached and exceeded the 2,825.00 resistance as buyers are trying to revive the main bull trend after the double bottom formation on Wednesday.  
  • The market is trading at its highest in the last three days and the 50-period simple moving average has crossed above the 200-period simple moving average suggesting bullish momentum. The S&P500 is evolving in a bull channel and while pullbacks to 2,835.00 are possible bulls should target the 2,853.00 and 2,863.75 levels.  
  • A bear breakout below 2,825.00 would invalidate the bullish bias.    

S&P500 15-minute chart

Spot rate:                  2,844.75
Relative change:        0.80%      
High:                         2,850.50
Low:                          2,818.00

Trend:                       Bullish  

Resistance 1:           2,843.00 August 13 high
Resistance 2:           2,853.00 August 9 low
Resistance 3:           2,863.75 August 7 high

Support 1:           2,835.25 August 6 low
Support 2:           2,825.00 August 3 low
Support 3:           2,800.00 figure
Support 4:           2,798.50 July 30 low
Support 5:           2,765.00 July 11 low