S&P 500 Price Analysis – January 31
The number of S&P 500 stocks that traded above their 5 and 13 moving average on Friday fell to the lowest level since October. Markets collapse on Friday as the coronavirus spreads, for the moment, easing bullish sentiment and fuels uncertainty in a period of high valuations.
Key Levels
Resistance Levels: 3400, 3350, 3300
Support Levels: 3200, 3157, 3026
S&P 500 Long term Trend: Ranging
The SP 500 initially gapped lower to kick off the week, rallied to fill the gap, and then broke back down. Because of this, it looks as if the S&P 500 is finally ready to get a bit of a pullback.
A significant amount of support near the 3200 levels exists, where buyers can lean on the anticipated bulls. If that level breaks down, then it’s likely that we go down to the 3100 levels after that.
S&P 500 Short term Trend: Ranging
On the 4-hour time frame, bull positions exist past the level of 3263.00 with targets on the level at 3300.00 & 3316.00 in extension.
Meanwhile, trending beneath the level of 3263.00, more short positions exist for further downside with the level of 3227.00 & 3200.00 as targets.
Instrument: S&P 500
Order: Sell
Entry price: 3263
Stop: 3300
Target: 3200
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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