Critical Sectors of the S&P 500 Stay in Negative Territory

Critical Sectors of the S&P 500 Stay in Negative Territory

S&P 500 Price Analysis – February 23

The S & P 500 initially tried to advance over the previous week, but then returned gains by touching the 3340 handles. The United States will continue to be considered a bit of a security trade, and the S & P 500 is one of the most common ways to play this trade.

Key Levels
Resistance Levels: 3450, 3400, 3360
Support Levels: 3316.8, 3300, 3270.3

S&P 500 Long term Trend: Bullish

In the long run, the trend remains untouched, and buyers may require to restore the levels of 3400 to potentially expand the bullish advance to the levels of 3450 and 3500.

On the other hand, a break beneath the 3338.5 support level may lead to a deeper pullback to 3300 and 3270 levels.

S&P 500 Short term Trend: Bullish

An intraday bias indicates that a likely scenario for bears is short positions beneath the level of 3338.5 with targets towards the levels of 3270.00 and 3241.1 in the continuation.

While for the bullish scenario, after the level of 3360.00, the bulls can try to continue to advance with the levels of 3400.00 and 3450.00 as targets.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.