One common indicator of short-term strength is the frequency at which stocks and ETFs pull back to touch support of their 20-day exponential moving averages within the course of their uptrends.
1130 would still pose a formidable overhead barrier for the S&P 500, but a further target around 1170 which was the bounce level following the May 6 selloff, would be in need of testing and surpassing in order to add conviction behind a longer-term positive outlook for this index.
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