S&P 500 Upside Bias Continues Beyond the 3400 Levels, China Extends Tariff Exemption on US Goods

S&P 500 Upside Bias Continues Beyond the 3400 Levels, China Extends Tariff Exemption on US Goods

The risk sentiment got a lift on the upbeat Chinese activity data and the above headlines, as S&P 500 upside bias continues beyond 3400 levels and jumped back in a bid to re-test 3450 levels. Note that China’s compliance with buying the US products under the Phase 1 trade agreement is about to reach just 50% of the target.

Key Levels
Resistance Levels: 3588, 3522, 3450
Support Levels: 3350, 3318, 3192
S&P 500 Long term Trend: Bullish
Looking at the chart, the price has bounced off the moving average 5 support level at 3375 levels, and now all eyes will be on the moving average 13 resistance zone at 3435-3450 range. If the price can break the 3450 levels by the time the market closes maybe 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
On the 4-hour time frame, although the S&P 500 index is looking ready to recoup previous losses, buying exposure may not increase unless the price overcomes the 3450 barriers. In the event, the market pulls back below the 4-hour moving average 5, and the 3375 levels may open towards the 3318 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 3450 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 Trades Under Key Resistance at 3477 Level As Global Markets Await US Traders’ Return

S&P 500 Trades Under Key Resistance at 3477 Level As Global Markets Await US Traders’ Return

S&P 500 Price Analysis – September 8

S&P 500 drops beneath 3400 amid the initial hour of Tuesday’s European session. The S&P 500 trades toward a key barrier around 3477 levels but lost momentum. The risk-barometer portrays the general market conditions amid a lack of major data/events.

Key Levels
Resistance Levels: 3588, 3522, 3477
Support Levels: 3350, 3318, 3192
S&P 500 Long term Trend: Bullish
Despite yesterday’s bounce towards the key resistance around the 3477 levels, the barrier stays intact. With a move below here needed in view to confirm a corrective phase is finally underway.

If seen we would then see support at the late August low at 3355 initially and eventually as the trend suggests more importantly a cluster of supports at 3262 levels. Above 3477 levels are needed to ease the immediate downside bias for a move back to 3522 levels, with tougher resistance then seen at 3588 levels.
S&P 500 Short term Trend: Ranging
In brief, the S&P 500 preserves a short-to-medium-term bearish bias beneath the 3400 levels. Moreover, positive sentiment may be reinforced should the ascending trendline support holds.

Overrunning this, the all-time-high of 3588 levels may provide adequate resistance, while attempting to prevent the index from appreciating further. We’ll likely see more short positions below 3477 level with targets at 3350 levels in extension.

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S&P 500 Registers 4 Consecutive Positive Sessions at a Fresh All-Time High of 3452 Level

S&P 500 Registers 4 Consecutive Positive Sessions at a Fresh All-Time High of 3452 Level

S&P 500 Price Analysis – August 25

S&P 500 Futures is on the bids near the 3445 level during the European session on Tuesday. The risk barometer recently registered 4 consecutive positive sessions at a fresh all-time high of 3452 levels while extending the biggest run-up of 2020 weekly.

Key Levels
Resistance Levels: 3700, 3600, 3500
Support Levels: 3400, 3318, 3192
S&P 500 Long term Trend: Bullish
The S&P 500 has rallied a bit during the trading session on Tuesday after it cleared the 3400 levels during the prior session. At this point, the market is likely to go looking towards the 3500 levels, a large, round, psychologically significant figure that investors are expecting.

Either way, the S&P 500 enjoyed a technical milestone as it confidentially established price action above resistance offered by prior highs around 3400 level. Technically, the focus now is whether the S&P 500 will pick up upside momentum after clearing the 3450 levels.
S&P 500 Short term Trend: Bullish
As observed on the 4-hour time frame, the S&P 500 finally took out 3400 key resistance with conviction and closed up the prior day 1.00% at 3431.28 record high. Meanwhile, it has gone ahead to breach the 3450 levels today. But in any case, near term outlook will remain bullish as long as 3350 support level holds.

Next, near term target will be 61.8% projection of 2179.3 to 3192 levels from 2929 at 3350 levels. Buyers may target long positions beyond 3400 levels with eyes at 3450 & 3500 levels in extension. In the alternative scenario, sellers may target beneath 3400 levels to look for further downside with 3350 levels as targets.

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S&P 500 Refreshes Highs Near 3400 as US Dollar Weakness Favor Commodities

S&P 500 Refreshes Highs Near 3400 as US Dollar Weakness Favor Commodities

S&P 500 Price Analysis – August 18

S&P 500 Futures await fresh clues to extend the early-European session run-up to the six-month top near the 3400 levels. The risk barometer currently takes rounds to 3390 levels after flashing the multi-day peak of 3388 levels. Major equity indexes in the US are trading mixed as US dollar weakness favor commodities.

Key Levels
Resistance Levels: 3450, 3430, 3400
Support Levels: 3360, 3300, 3250
S&P 500 Long term Trend: Bullish
As of writing, the S&P 500 Index (SPX) was up 0.35% daily at 3389 levels. S&P 500 futures tread water around 3390 levels after reaching half-yearly highs around 3400 levels early today. The S&P 500 rally is gaining momentum at the 3390 level record high. With a daily RSI momentum divergence now in place, the risk for a correction lower is growing steadily.

Support at 3360 level needs to hold to avoid this to keep the immediate risk higher for a challenge on the 3400 record high. Beyond here can see an overshoot to potential trend resistance, today is seen at 3415 levels, which investors may look to cap at first.
S&P 500 Short term Trend: Bullish
On the 4 hour time frame, the S&P 500 at (+0.27%) tested the February closing record for the third time in a week but failed to break it. S&P 500 (SPX) 4-hour chart above shows that the Index has ended the correction from August 11 high.

From there, the Index has continued to resume higher. The rally has already broken above August 11 high, confirming that the next leg higher has already started towards the 3400 levels. As long as 3216 low level stays intact, the dips in S&P 500 swings are expected to find support for more upside.

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S&P 500 Bounces off 3360.0 Level on Extended Gains

S&P 500 Bounces off 3360.0 Level on Extended Gains

S&P 500 Price Analysis – August 11

S&P 500 Futures bounce from 3360 levels, and up 0.70% on a day, during the European opening hour on Tuesday. The price seems to be steering its path into unknown territory towards a high of 3398 levels of around February. Coronavirus woes, concerns of escalating conflict between the US and China are getting a little bit of coverage. Rising chances of US stimulus are also to support the mild optimism.

Key Levels
Resistance Levels: 3450, 3430, 3400
Support Levels: 3360, 3300, 3250
S&P 500 Long term Trend: Bullish
The price moved steadily higher on the daily chart after finding traction again at the moving average of 5 while bouncing off the horizontal line at 3360 levels.  Aiding this progression from the 3200 levels is bounce on the ascending trendline coming from March 20 low and the positive bearing in the MAs.

The horizontal resistance line at 3400 levels is immediately constraining upside moves towards the high of 3398 levels in February. If buying interest succeeds in breaching the historic peak, resistance may grow from level 3430. The resistance at 3450 and the 3500 handles may then be confronted with more gains.
S&P 500 Short term Trend: Bullish
Technically its near-term upward channel support appears to be well held in the short time frame and its emphasis is on 3400 level resistance to confirm the trend. It could be shifted to the near-term horizontal support level at 3360 to signal the resumption of the selloff.

As bulls remain firmly in control, in the medium term the S&P 500 is targeting both the 3400 price zone and the 3430 marks. On the other hand, support may initially be seen near the levels 3360, 3300, and 3250.

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S&P 500 Upside Momentum Tones Down Beneath a High Level of 3300

S&P 500 Upside Momentum Tones Down Beneath a High Level of 3300

S&P 500 Price Analysis – August 4

The main US stock index opened on Tuesday in the positive territory. As of writing, the S&P 500 Index (SPX) has been at its highest level since late February at 3288 levels, losing 0.25 percent per day. The futures upside momentum tones down beneath the high level of 3300 after hitting a fresh high of 3305 early in the European session.

Key Levels
Resistance Levels: 3400, 3360, 3300
Support levels: 3216, 3183, 3139
S&P 500 Long term Trend: Bullish
S&P 500 pushed sharply higher on Tuesday as the market yet again kept 3300-level main price resistance, as well as its rising moving average of 5, presently at 3285 levels. However, given this intensity, the index dropped beneath the level of 3300.

Beyond the recent level, it is appropriate to bring an end to this high-level consolidation phase with resistance seen next at 3360 levels and then, more significantly, at the top of the price range at 3400 levels in February, which is anticipated to stay a major obstacle.
S&P 500 Short term Trend: Bullish
The above chart indicates a higher level of the transition in this session. As we head towards closing the price while still hanging beyond the 3250 levels’ main support level. There’s a level nearby at the 3300 levels which might provide some resistance in the near term.

Since a switch is to be lower, then the horizontal lines beneath the market price at 3289 level at 3250 and 3216 levels respectively may be the main support areas. All the indicators are distinctly bullish. The Relative Strength Index also moves in the direction of the overbought zone but there is still space for a higher shift.

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

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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S&P 500 Upside Rally Continues to Break Higher With Focus on the 3300 Level

S&P 500 Upside Rally Continues to Break Higher With Focus on the 3300 Level

S&P 500 Price Analysis – July 21

S&P 500 rally continues to print a three-day unbeaten run while taking price close to level 3277, up 0.80 percent on a day, during Tuesday’s initial European session. The pair may break higher with a 3300-level focus on the cheered pursuit of more US and European stimulus while updates on the coronavirus (COVID-19) vaccine added optimism.

Key Levels
Resistance Levels: 3400, 3360, 3300
Support levels: 3216, 3183, 3139
S&P 500 Long term Trend: Bullish
In the daily chart, in particular, we see price holding past the horizontal support level at 3183 much beyond a recently formed structure. While keeping here above, bulls may target a range of fresh peaks and troughs around level 3300.

Beneath the support structure exposes sell-off prospects under 3000 level to June low. On the upside, however, as long as the ascending trendline support for 2020 holds up, a buy on the roadmap for dips might be the path to go.
S&P 500 Short term Trend: Bullish
Bulls stay in charge beyond the key support structure on the 4-hour time frame, targeting all-time highs at level 3300. From a technical viewpoint, the rally may support both bears and bulls. Meanwhile, the downside scenario is limited so long support at level 3183 holds intact.

The preference is a long position beyond 3250 levels with targets at the 3300 level and higher, in the alternative scenario beneath 3250 we may aim for more downside with 3183 and 3139 levels as targets.

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S&P 500 Takes a Breather, Plunges From a One-Month High Level at 3235.8

S&P 500 Takes a Breather, Plunges From a One-Month High Level at 3235.8

S&P 500 Price Analysis – July 14

S&P 500 consolidate the prior session losses around 3170 levels, up 0.33% on a day, during the initial hour of the EUROPEAN open on Tuesday after plunging from a one-month high level at 3235.8 level. The US equity derivative surged to the highest since June 10 in the previous day amid hopes of further stimulus.

Key Levels
Resistance Levels: 3300, 3250, 3216
Support levels: 3139, 3078, 3000
S&P 500 Long term Trend: Bullish
As observed on the daily chart, the price is around the weekly resistance close to the level at 3183. From a medium to long term outlook, there is nothing here for the bears and the bulls may stay in charge with price above the 13 moving average and ascending trendline support since March.

The S&P 500 is bullish while trading above the 3139 levels, key resistance is found at the 3183 and the 3216 levels. If the S&P 500 trades below the 3139 level, sellers may test the 3078 and 3000 levels.
S&P 500 Short term Trend: Bullish
The uptrend may be expected to continue, while the S&P 500 is trading above support level 3183, which will be followed by reaching resistance level 3216 – 3250. Above 3183 levels look for further upside with 3216 and beyond as targets.

A downtrend may start as soon, as the pair drops below support level 3139, which will be followed by moving down to support levels at 3078 – 3000. Short positions below 3183 level with targets at 3139 & 3078 levels in extension.

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S&P 500 Probes Lower After Reaching Two Weeks High at 3194 Level

S&P 500 Probes Lower After Reaching Two Weeks High at 3194 Level

S&P 500 Price Analysis – July 7

S&P 500 declined to 3149 levels, down 0.21% on a day, after markets reached two weeks high at 3194 level trading on Tuesday. The risk barometer surged to the highest since June 19 in the prior session while marking fresh gains on Wall Street.

Key Levels
Resistance Levels: 3300, 3250, 3216
Support levels: 3139, 3078, 3000
S&P 500 Long term Trend: Bullish
As seen technically on the daily, with the market above support from its rising 13-day moving average (currently at 3100 levels) not too far from its 5-day moving average (at 3139 levels) the immediate risk stays higher within the high-level consolidation range.

Its immediate support is seen at 3139 levels and we look for this to try and hold for a clear break above the highs of the past two weeks at 3159 levels for strength back to the top of the price gap from early June and potential downtrend from March at 3194 levels. Whilst we would expect sellers to show here, a direct break can expose the important 3233 June highs.
S&P 500 Short term Trend: Ranging
In the short term, while the 4-hour indicators appear tired and retracing downwards, that wouldn’t be a concern for the stock upswing to continue towards the 3233 near term high level. While the S&P 500 is trading comfortably above the support held at 3139 levels thus upswing continuation is more likely.

The price traditionally moves in waves and now it will be interesting to see if the 4-hour blue moving average 13 lines at 3160 level holds. Beyond that, if the support level does break the price could move back towards the trendline again for a retest or even back to fill the price gap at 3078 levels.

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