S&P 500 Steers the Upside Around the 3900 As Relief Bill Sparks USD Bears

S&P 500 Steers the Upside Around the 3900 As Relief Bill Sparks USD Bears

S&P 500 Price Analysis – March 3

The S&P 500 swings around 3,897, up 0.68% during the European session on Wednesday. After its decline in the prior session, the index steers the upside from 3,868 lows past 3,900. The influx of liquidity that is supposed to come when Congress passes the upcoming relief bill could spark USD bears causing the indexes to increase in value.

Key Levels
Resistance Levels: 4,000, 3950, 3,900
Support Levels: 3,868, 3,800, 3,735
S&P 500 Long term Trend: Ranging
The S&P 500 has managed to depart from its daily lows. The S&P 500 is up 0.68% at 3,897 while heading past the 3,900 level. If the index fails to close the day above the moving average of 13, which is currently seen above the level at 3900, the selling pressure could return.

The price of the index has remained within the ascending trendline support from March 2020. On the downside, 3,800 (psychological level) aligns with the ascending trendline as key support. In the subsequent sessions, a daily close below that level could force the index to extend its slide toward the 3,546 levels.
S&P 500 Short term Trend: Ranging
On the 4-hour time frame, although the S&P 500 index is looking ready to continue its gains to the upside however buying exposure may not increase unless the price overcomes the 3,900 barriers. In the event, the market pulls back below the 4-hour moving average 5 & 13, and the 3868 levels, it may open towards the 3,800 floors.

The RSI has posted higher lows, indicating an improving short-term bias. However, any additional upside correction may not be attractive enough unless the index jumps past the 3,900 levels. However, if the bears win the battle at this point, a more aggressive sell-off may prevail.

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S&P 500 Snaps Six-Day Losing Streak, Bounces off Lows at 3856 Levels Amid Risk-Recovery

S&P 500 Snaps Six-Day Losing Streak, Bounces off Lows at 3856 Levels Amid Risk-Recovery

S&P 500 Price Analysis – February 24

The S&P 500 picked up bids near the 3,856 level, up 0.20% during the European session on Wednesday. In doing so, the risk barometer rises for the first time in seven days. The market mood is mixed after a turbulent Tuesday – the Fed Chair Powell saved the markets by promising support, weighing on yields and the dollar.

Key Levels
Resistance Levels: 4000, 3950, 3900
Support Levels: 3840, 3800, 3735
S&P 500 Long term Trend: Ranging
Looking at the chart, the price has bounced off the low-level support at 3809 during the prior day, and now all eyes will be on the moving average 13 resistance zone at 3920. If the price can break the 3900 marks into the American open, it will give the bulls some hope.

On the downside, if the aforementioned support level is broken, it may resume the sell-off which might continue leading into the next session. The Relative Strength Index indicator has moved beyond its midlines into the bull territory. This does not necessarily mean the price will bounce further but the market might take a small breather before continuing lower.
S&P 500 Short term Trend: Ranging
Technically, the short-term bias may shift back to bullish again as the price tries to consolidate beyond the moving average 5 and 13, while the RSI is also struggling to gain traction beyond its mid-levels.

The S&P 500 is cutting its most recent decline in the four-hour chart after it touched down again in the horizontal support zone at 3809. Beneath 3800 levels, a critical contention appears beyond the base, followed by support at 3735. A price decline may reduce risks within the range and may suggest further consolidation.

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S&P 500 Posts Losses to 3901 on Lower Correction Despite Upbeat US Data

S&P 500 Posts Losses to 3901 on Lower Correction Despite Upbeat US Data

S&P 500 Price Analysis – February 17

The S&P 500 started the day sharply lower while pointing losses at the open and struggling to stay beyond the 3900 levels. As of writing, the S&P 500 was down 0.8% on the day at 3,901. Despite upbeat data published by the US Census Bureau on January retail sales increasing by 5.3% to $568.2 billion the major equity indexes in the US opened in the red.

Key Levels
Resistance Levels: 4100, 4000, 3950
Support Levels: 3900, 3868, 3800
S&P 500 Long term Trend: Ranging
The S&P 500 is struggling to hold its move above the 3900 support zone as sellers finally look to start taking advantage of the medium-term correction. Meanwhile, the bearish pressure may be expected to falter and stay around mid 3800 levels, while the market is trading above the support level at 3840 while consolidating further into the following session.

The technical indicators are currently endorsing the ranging outlook as the RSI is heading towards its midlines, while the price turned lower after retracement from the 3950 marks in the prior session. The moving average 13 maintains its position and may move slightly horizontally in the medium-term outlook.
S&P 500 Short term Trend: Ranging
In the short-term, the S&P 500 index has been on a retreat after it penetrated above the consolidation area of 3950 levels earlier in the week. As the price plunged beneath the 4 hour MA 5 and 13, the expectation is a retest of the closest support at the 3900 levels before retreating further.

The S&P 500 support zone at 3868 needs to hold to keep the immediate risk lower for a move back to 3950, above which we see resistance next at the top of the moving averages at 4000, with this expected to cap the advance initially.

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S&P 500 Registers Highs Past 3919 Levels Amid Fresh Interest in US Bonds, Stimulus Hopes

S&P 500 Registers Highs Past 3919 Levels Amid Fresh Interest in US Bonds, Stimulus Hopes

S&P 500 Price Analysis – February 9

The S&P 500 stays past the 3900 levels, currently near 3919 highs, during early Tuesday as it eases amid the lack of a new catalyst. The market bias stays positive following fresh interest in US bonds combined with US stimulus hopes.

Key Levels
Resistance Levels: 4100, 4000, 3950
Support Levels: 3900, 3800, 3691
S&P 500 Long term Trend: Bullish
As seen on the daily, S&P 500 rally has finally extended to 3919 with further layers of resistance seen stretching up to 4000 high. The anticipated scenario remains for a cap in the 3900/4000 region and a potentially lengthier correction phase to then unfold.

The MA 5 seems to propel price in the 3850 to beyond 3900 regions. On the downside, 3840 (psychological level) aligns with the MA 200 as key support. A daily close below that level could force the index to attempt a slide toward the 3800 levels in the following sessions.
S&P 500 Short term Trend: Bullish
The S&P 500 index is in a bullish trend on the 4 hour time frame and this means that intra-day trades may be derived in line with the bigger time frame’s trend. Looking at the 4-hour time frame, the price has formed a bullish pattern and they usually break in the direction of the current trend.

As for the RSI, it is trading at the overbought region, however, if it breaks below, this could be the first confirmation that the bears are about to start their party-meaning more weakness ahead. The preferred bias is a short position beneath 3900 levels with targets at 3868 level & 3840 in extension. Alternatively, we look for further upside with 3950 & 4000 as targets.

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S&P 500 Upside Traction Prints Fresh Highs Past 3800 Levels Amid Surging Oil Prices

S&P 500 Upside Traction Prints Fresh Highs Past 3800 Levels Amid Surging Oil Prices

S&P 500 Price Analysis – February 2

The S&P 500 holds past 3800 levels as upside traction prints fresh highs in the mid 3800 vicinities to maintain the immediate threat of a higher spike. The index had opened positively on Tuesday amid surging oil prices with Energy Index up nearly 2% after the opening bell.

Key Levels
Resistance Levels: 4000, 3900, 3868
Support Levels: 3800, 3735, 3691
S&P 500 Long term Trend: Ranging
The S&P 500 has recovered from the prior days low at the 3665 levels while trading past the 3800 levels earlier in the day. The uptrend may be expected to continue, while the market is trading above support level 3735, which will be followed by reaching resistance level 3868 level.

On the contrary, a downtrend may start as soon, as the market drops below support level 3735, which will be followed by moving down to support level 3691 and the ascending trendline support at recent lows of 3665.
S&P 500 Short term Trend: Ranging
The S&P 500 surged by 72 pips or 1.77% during the early Tuesday trading session. The index is trading above the moving average 5 at the upside channel pattern at the 3838 levels. Technical indicators demonstrate that the index is likely to edge higher during the following trading session. The potential target for bulls would be at the 3868 levels.

However, the horizontal resistance at 3840 could provide resistance for the currency index within this session and the next. On the other hand, if the S&P 500 returns lower, it is supported on dips by the 4 hours moving average of 13 around the 3765 levels where buyers may re-emerge.

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S&P 500 Probes Recent Lows in the 3830 Regions on Fiscal Stimulus Delay

S&P 500 Probes Recent Lows in the 3830 Regions on Fiscal Stimulus Delay

S&P 500 Price Analysis – January 26

The risk sentiment took a fresh on S&P 500 as it probes recent lows in the 3830 vicinity deepening losses to the tune of 0.60% while heading towards 3800 levels. US Senate Majority Leader Chuck Schumer raised doubts over the swift approval of President Joe Biden’s $1.9T fiscal stimulus.

Key Levels
Resistance Levels: 4000, 3900, 3868
Support Levels: 3800, 3735, 3691
S&P 500 Long term Trend: Ranging
The S&P 500 pullbacks ideally hold support at 3830 marks around the moving average 13 to maintain thoughts of a bullish rebound and strength back beyond 3840 levels. The next immediate support is seen at 3800 levels, below which can see a fall to 3735 levels. After the prior day’s rally in the S&P 500 which coincided with a positive move to the 3862 levels, it later retreated to start a consolidation beneath the 3800 levels.

The technical indicators are currently endorsing the ranging outlook as the RSI is heading away from the overbought threshold, while the price turned lower after retracement from the 3856 marks. The upside break of the 3900 levels will confirm the resumption of the long term uptrend.
S&P 500 Short term Trend: Ranging
In the short-term, the S&P 500 index has been in a bullish outlook after it penetrated above the consolidation area of 3735-3800 levels in the preceding week. As the price jumped above the 3840 barriers, the expectation is a retest of the record peak at the 3868 levels before retreating.

However, an increasing ranging momentum and south heading 4 hours Relative Strength Index warn of further weakness which would bring bears fully in play on a firm break of 3800 pivots. The anticipated scenario is positioned beneath 3800 levels with targets at 3735 and 3691 levels extension.

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S&P 500 Upside Run Stays Unrelenting Towards 3800 Levels Preparing for a $1.9 Trillion Stimulus

S&P 500 Upside Run Stays Unrelenting Towards 3800 Levels Preparing for a $1.9 Trillion Stimulus

S&P 500 Price Analysis – January 19

The S&P 500 extend prior days upside run amid a quiet European session early on Tuesday staying unrelenting towards the 3800 levels. The risk barometer rises for the second consecutive day as global markets prepare for fiscal relief goals up to $1.9 trillion.

Key Levels
Resistance Levels: 4000, 3900, 3840
Support Levels: 3735, 3691, 3546
S&P 500 Long term Trend: Bullish
On the daily charts, the bulls have gone ahead moving positively with effort away from sideways trading and the index may attempt to sustain the breach of the resistance level at 3800. Meanwhile, if the bulls cannot take back the reins at this juncture, then there is scope for a retracement towards the next support at the 3735 levels.

The longer-term bias stays cautiously higher with further resistance seen beyond 3800 initially, above which is required to clear the path for a further advance towards 3840 levels. In due course though we may see a tougher test of a cluster of projection levels in the 3900 band and beyond.
S&P 500 Short term Trend: Bullish
The S&P 500 surged higher during the early Tuesday trading session. The index is trading above the moving average 5 at the upside channel pattern at the 3800 levels. Technical indicators demonstrate that the index is likely to edge higher during the following trading session. The potential target for bulls would be at the 3840 levels.

However, the horizontal resistance at 3840 could provide resistance for the currency index within this session and the next. On the other hand, if the S&P 500 returns lower, it is supported on dips by the 4 hours moving average of 13 around the 3780 levels where buyers may re-emerge.

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S&P 500 Mild Gains Stay Afloat 3800 Levels Following US Political Turmoil, COVID-19

S&P 500 Mild Gains Stay Afloat 3800 Levels Following US Political Turmoil, COVID-19

S&P 500 Price Analysis – January 12

S&P 500 alternates around 3801-3816 levels, up 0.19% intraday during early Tuesday, and fails to extend the prior day’s pullback from a recent high of 3831.4 level. The uncertainty over US President Donald Trump’s reign joins the coronavirus (COVID-19) woes to weigh on risks.

Key levels
Resistance Levels: 4000, 3900, 3840
Support Levels: 3735, 3691, 3546
S&P 500 Long term Trend: Bullish
On the daily charts, S&P 500 has gone ahead moving positively into sideways trading and the index may attempt the next resistance level at 3840. Meanwhile, if the bulls cannot take back the reins at this juncture, then there is scope for a retracement towards the next support at the 3735 levels.

The longer-term bias stays cautiously higher with further resistance seen at 3900 initially, above which is required to clear the path for a further advance towards 4000 levels. In due course though we may see a tougher test of a cluster of projection levels in the 3850/85 band.
S&P 500 Short term Trend: Bullish
The S&P 500 index is in an upside ranging trend on the 4 hour time frame and this means that intra-day trades may be derived in line with the bigger time frame’s trend. Looking at the 4-hour time frame, the price has formed a ranging pattern and they usually break in the direction of the current trend.

As for the RSI, it is trading beyond its midlines, however, the horizontal resistance at 3840 could provide resistance for the currency index within this session and the next. On the other hand, if the S&P 500 returns lower, it is supported on dips by the horizontal support line at 3735 levels where buyers may re-emerge.

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USD/JPY Is in an Upward Move, May Reverse at Level 104.48

USD/JPY Is in an Upward Move, May Reverse at Level 104.48

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bearish
The USD/JPY pair has been in a downward move since June. For the past two days, the Yen has been correcting upward against the downward move. If the Yen breaks the SMAs, the upward move will continue. The uptrend is likely to reach a high of 104.48.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping downward indicating the downtrend. The index is at level 55 of the Relative Strength Index period 14. This indicates that it is in the uptrend zone and above the centerline 50. The pair is likely to further rise.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On January 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.272 Fibonacci extension level. That is, Yen will rise to level 104.48 and reverse.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The Yen has reached the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
The Yen is presently rising on the upside. It has risen to the overbought region. The pair is expected to reach level 104.48 and reverse but the reversal will not be immediate.


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S&P 500 Recovers From Recent Lows and Aims for Mid 3700 Level on the Latest Vaccine Optimism

S&P 500 Recovers From Recent Lows and Aims for Mid 3700 Level on the Latest Vaccine Optimism

S&P 500 Price Analysis – January 5

S&P 500 opened near 3706 levels, and it’s up at almost 0.50% intraday, during the European session on Tuesday. The index has recovered upside traction after the prior day’s low of 3663.4 level. The latest rally suggests the latest vaccine optimism may be among the market movers.

Key Levels
Resistance Levels: 3840, 3800, 3735
Support Levels: 3691, 3629, 3546
S&P 500 Long term Trend: Bullish
The S&P 500 is set to recover its recent high at 3784.2 level, which is a key high to watch out for from a technical perspective. A significant break above the 3735 horizontal resistance medium-term level could push it to open the door for a further advance past the recent significant high at 3784.2.

On the other hand, momentum indicators may soon indicate the continuation of the initial technical pullback from the overbought zones. The immediate support levels on the daily charts can be found at 3629, followed by 3595.6 and then 3550 thereafter.
S&P 500 Short term Trend: Bullish
The S&P 500 surged by 10 pips or 0.50% during the early Tuesday trading session. The index is trading within the moving average 5 at the upside channel pattern beyond the 3691.8 near term support levels. Technical indicators demonstrate that the index is likely to range during the following trading session. The potential target for bulls would be at the 3800 levels.

However, the horizontal resistance at 3735 could provide resistance for the index within this session and the next. On the other hand, if the S&P 500 returns lower, it is supported on dips by the horizontal support at the 3629.2 levels where buyers may re-emerge.

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