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SP500 Technicals

|Includes: SPDR S&P 500 Trust ETF (SPY)

The June S&P 500 index closed higher on Monday due to short covering as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Today's close above the 10-day moving average crossing at 903.34 tempers the near-term bearish outlook in the market. If June renews the rally off March's low, January's high crossing at 937.00 is the next upside target. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 882.99 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 908.50. Second resistance is this month's high crossing at 929.00. First support is today's low crossing at 875.40. Second support is the reaction low crossing at 838.80.