I am basing my position from technicals on the S&P500.

While the trend lines have not transferred well from the daily to the hour, there are several support points beneath the current price.

A resistance pattern looks to have half-formed, but that is not my main attraction.

On a daily chart, both regression models and the current local areas of support and resistance offer an opportunity for a long position.

From a fundamental point of view, the financials have been weighing heavy on the S&P from Fridays no extension for banking institutions from the Fed. 

I anticipate that this will settle, and price will resume its up going trend.

SP500 Long

Mar 22 2021

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