The S&P 500 index has been in a strong recovery since bottoming out at 3,491 on Oct. 13.
Although the 4,000 level has been acting as a resistance in the past few days, a positive sign is that the bulls have not given up much ground.
The rising 20-day exponential moving average (3,879) and the relative strength index (RSI) in the positive territory indicate advantage to buyers.
If the price turns down from the downtrend line but does not slip below the 20-day EMA, it will suggest that bulls are buying on dips.
That could increase the likelihood of a break above the downtrend line.

Source - Cointelegraph