S&P 500 Potential bottom?

 

S&P 500 Weekly Chart

S&P 500 weekly chart shows a bullish divergence between price and MACD, where price made a new low whereas MACD traced a higher low. This suggests a potential bottom may have been made. Breakout of the downtrend line would suggest trend change from down to up is likely. However, breakdown of the support line would suggest further lower low is likely.

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