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S&P500 Technical Analysis: The trend is your friend

  • The S&P500 is evolving in a bullish channel with rising and widening simple moving averages. 
  • After overshooting above the bullish trendline the market is finding support just above it. Although the market is quite topish with a rising wedge and a trendline overshot the trend is your friend and there is no sign of a top just yet.
  • Targets are seen at 2,917.00 and 2,930.00 figure. 

S&P500 daily chart

Spot rate:                  2906.00
Relative change:        0.27%     
High:                         2,906.25
Low:                          2,891.00

Main trend:               Bullish

Resistance 1:           2,917.00, August 21-22 bear leg 261% Fib. extension 
Resistance 2:           2,930.00 figure
Resistance 3:           2,950.00 figure

Support 1:           2,900.00 figure
Support 3:           2,877.00 January swing high
Support 4:           2,863.75 August 7 high
Support 5:           2,853.00 August 9 low

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