S&P 500 Anticipated Advance Continues to Consolidate Around 2600/2700 Levels

S&P 500 Price Analysis – March 31

The S&P 500 consolidates the 4-day advance beneath the levels of 2600/2700 while big and powerful outbreak threats linger, worldwide uncertainties stay on the weak side during Monday’s initial trading session. Tactically, as per analysts at Goldman Sachs, they reasonably expect the S&P 500 to increase to 3000 levels by the close of the year.

Key Levels
Resistance Levels: 3139.0 , 2900, 2700
Support levels: 2500, 2400, 2179.3

S&P 500 Long term Trend: Bearish

As shown on the daily chart, the S&P 500 consolidates a 4-day advance beneath resistance levels of 2600/2700. In the medium to long term, the reversal may expand below to the 2500 and 2400 levels. Significant resistance is shown in price levels of 2638/2700.

The bottom line is that the most recent declines are probably to see a retest except if the S&P 500 will efficiently break above the 2638 level.

S&P 500 Short term Trend: Ranging

Through the point of view of the 4-hour time frame, the S&P 500 reveals that the index had ended a short-term bearish cycle when the market hit a level of 3139, and the index is already consolidating at 2638 level with a push against its resistance.

Besides, the corrective movement that the price is forming must continue to alter its bias, which leads to an upward rally towards the level at 2700. Additionally, the S&P 500 index may force a new restricted bearish movement in the short term that may offer the long side the potential for new consolidations.

Instrument: S&P 500
Order: Buy
Entry price: 2600.0
Stop: 2500
Target: 2700

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