S&P 500 Gains for the 3rd Day in a Row As Threat of Omicron Fades

S&P 500 Price Analysis – December  8

On Wednesday, the S&P 500 gained for the 3rd day in a row, as investors appeared to have gotten past their fears about the Omicron variant. The index continues to stay above 4600 levels as upside traction stays unrelenting implying that a greater surge is yet imminent.

Key Levels
Resistance Levels: 4800, 4744, 4720
Support Levels: 4631, 4600, 4551
S&P 500 Long term Trend: Bullish
While trading past the 4600 levels earlier in the day, the index has added to yesterday’s rebound from the 4600 horizontal resistance turned support. While the market is trading above the support level at 4600, the uptrend is projected to continue, with resistance level 4744 being reached next.

On the other hand, a downtrend might begin as soon as the market falls below support level 4600, with a move down to support level at 4500 and rising trendline support at recent lows of 4492 as of December 3.
S&P 500 Short term Trend: Bullish
During the early Wednesday trading session, the S&P 500 surged to 4713 gaining about 0.07 percent. At the 4700 levels, the index is trading above the moving average of 5 in an upside channel pattern. The index is expected to rise during the next trading session, according to technical indicators. The 4744 levels could be a potential goal for bulls.

The horizontal resistance at 4720, on the other hand, could act as resistance for the currency index in this session and the next. If the S&P 500 falls, it will be supported on dips by the 4 hours moving average of 13 near the 4670 levels, where buyers may re-emerge.

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