S&P 500: After Reaching All-Time Highs, Retraces Slightly on a Bit of Profit-Taking

S&P 500 Price Analysis – February 9

The S & P 500 grew for most of the previous week, breaking through to a fresh high and again showing signs of strength. This is especially indicative of how much better the United States is managing its economy because of coronavirus and lack of growth in the rest of the world.

Key Levels
Resistance Levels: 3450, 3400, 3350
Support Levels: 3300, 3280.8, 3250

S&P 500 Long term Trend: Bullish

Since the probability that the 3220 levels support may not hold, the price may try to break further lower and probably earlier breaking the daily moving average of 5 and 13, painted in red and blue, respectively, on the chart, offering initial support at the first level.

A likely further reversal should be seen as price with an increase is even more supported below the 3000 levels. A breakthrough upwards may direct this market to the levels of 3450, an area that, of course, will cause some psychological resistance and, probably, significant profit-taking.

S&P 500 Short term Trend: Ranging

On the other hand, in the 4 hours, bears can only enter the trend beneath the 3300 levels, although this is unlikely to happen in the short term.

The market is in a clear uptrend, selling may be the next step the moment the bears gain momentum, because the recent price activity was so explosive, even though there are concerns about China.

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