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How to analyze us phone text
The S&P 500 rallied off the 200 daily moving average, but there are concerns it may be a bull trap. The SPY ETF saw a bounce off support at 393, with some selling pressure near the 50 EMA. Watch how the price behaves around the resistance between 399 and 400, and only get bullish if it breaks above. Be cautious as there is a chance of rejection from this resistance and a retest of the breakout trend line at 390. Consider SPY as a trading range between these levels.
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