S&P500 Technical Analysis: Continuation goes on as the week comes to an end

  • The S&P500 is pulling back above the 2,900.00 level.
  • The S&P500 is trading well above its rising and widening 50, 100 and 200-period simple moving averages suggesting a strong bullish bias. The RSI, MACD and Stochastics indicators are slightly slowing down.
  • A continuation of the consolidation can lead to 2,900.00 figure and 2,877.00 January swing high.  

S&P500 daily chart

Spot rate:                  2,915.50
Relative change:      -0.03%     
High:                         2,919.50
Low:                          2,902.25

Main trend:               Bullish

Resistance 1:           2,917.00 August 29 high
Resistance 2:           2,938.00, 138.2% Fibonnacci extension (Aug-Sept, high/low)
Resistance 3:           2,950.00, 161.8% Fibonnacci extension (Aug-Sept, high/low)
Resistance 4:           3,000.00 round figure

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

Articles You May Like

Gold falls back into the symmetrical triangle on mixed Fed sentiment
Australia CBA business spending index drops for fourth consecutive month
The House of Representatives seeking to block arms sales to Saudi Arabia – WSJ
Weekly Forex Review – These Are Trading Bias Areas
Risk Management Strategies for Forex Traders

Leave a Reply

Your email address will not be published. Required fields are marked *