After Slight Correction, S&P 500 Trades Beyond 3200 Levels Amid US Stimulus Package


S&P 500 Price Analysis – July 28

S&P 500 Futures rise 0.35 percent during early Tuesday picking up bids close to 3249 levels. After once again faced rejection at 3250 levels, the S&P 500 has reached a consolidation trading period beyond 3200 levels, anticipating fresh support from US stimulus negotiations, optimism on global stocks, and the Fed decision.

Key Levels
Resistance Levels: 3400, 3360, 3300
Support levels: 3216, 3183, 3139
S&P 500 Long term Trend: Bullish
The S&P 500 faced opposition at level 3250 and further out is the next weekly hurdle restricting upside around level 3300. The bulls are prone to incur a few minor hurdles on the upside path. Potent support may threaten the interaction of the bears at 3216 levels.

To the drawback, the support cluster is positioned around 3216 levels, high from the previous month’s convergence. Upon a breach beneath the latter, the support may be tested at level 3186, which is the confluence of the moving average of 13 and ascending trendline support.
S&P 500 Short term Trend: Bullish
The technical analysis context of the S&P 500 index lies currently in a very fascinating zone on the 4-hour time frame. It would be bullish to breach back beyond 3250 levels but a breach at the 3300 levels at the horizontal resistance line would hold the uptrend stable.

Taking a look at the indicators in the prior session, as they took a bullish shift forward. The relative strength edged beyond 50, though decreasing. Both the moving average 5 and 13 have turned to the positive side and maybe near a crossover past the 3250 levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.