Phase One Deal Lifts Traders Sentiment as S&P 500 Heads to 3,300 Level

S & P 500 Price Analysis – January 14

On Tuesday, the S & P 500 reached a new all-time high, helped by a decision of the US government to eliminate China’s label as a currency manipulator. The S & P 500 is presently trading at 3,284 in the American session, dropping to a price level of 3276.8.

Key levels
Resistance Levels: 3,350, 3,330, 3,300
Support Levels: 3,263.4, 3,205, 3,157

S & P 500 Long-term trend: Bullish

In the scenario of a long-term forecast, the S & P 500 quite has the potential for continued growth. While from the price model we see that the bias continues to be bullish. S & P closed at the price level of 3,288 in the previous session, only 12 points from 3,300 levels.

The anticipated move past the level at 3300.00 may target the level at 3,330.00 & 3,350.00 in extension. While below the level of 3,263.4, further decline is possible with the levels of 3,227.0 and 3,205.0 as targets.

S&P 500 Short term Trend: Bullish

The recent impulsive structure undergrowth indicates that the S & P 500 is running in an incomplete bullish sequence and yet should reach a new all-time high.

As a result, the main trend in the S & P 500 may stay bullish, while the price continues to move beyond the price level of 3,263.4. Finally, in the event of an unexpected plunge in prices beneath the price level of 3,263.4, we may assume that the bull trend has ended.

Instrument: S&P 500
Order: Buy
Entry price: 3,275
Stop: 3,227
Target: 3,330

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