S&P 500 Bullish Rebound Breaks Beyond 3000 Levels on Fresh Risk Appetite

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S&P 500 Price Analysis – May 26

The American S&P 500 is driving past a double test which is especially important. Futures on the S&P 500 (SPX) this morning surpassed level 3000. With the S&P 500 bouncing above 3000 psychological levels, the global markets are progressing higher as investors focused on markets resuming amidst the huge threat between the US and China.

Key Levels
Resistance Levels: 3216, 3139.0, 3050
Support levels: 2953, 2854, 2753

S&P 500 Long term Trend: Ranging
On the daily chart the index broke past May’s highs beyond the horizontal resistance. A relentless pass toward the mid-3000 level appears unavoidable as buyers stay fully in control. A continuous breach beyond the above-mentioned point may see the S&P 500 hit the medium to long-term price zone of 3139 levels.

On the flip side, support is seen close to the levels at 2900 and 2854.0. Following the initial rallying, a recovery activity to the support near 2953.4 or lower level may be anticipated. Consequently the possible entry is to aim for a pullback to the support area close to 2900 level to go long.

S&P 500 Short term Trend: Bullish
The breach of the 3000 levels is evident on the 4 hour time frame and indicates the significance of this level further reinforced by the fact that the moving average 5 crossed the horizontal resistance line near it validating a bullish breakout.

This level technically distinguishes downtrend from the uptrend. So several traders avoid buying the asset when trading underneath level 3000, as a move beyond that level generates also as buying signal.

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