S&P 500 Index Pullback Towards 3200 Levels Before Market Rally Continues

S&P 500 Index Pullback Towards 3200 Levels Before Market Rally Continues

S&P 500 Price Analysis – June 9

Alongside an unbeaten run of 7 days, S&P 500 launched marginally lower on Tuesday as the risk rally does seem to have lost its flows, with the S&P 500 losing 1 percent on the day with a pullback towards 3200 levels.

Key Levels
Resistance Levels: 3400, 3300, 3250
Support levels: 3183.4, 2953.4, 2753.4
S&P 500 Long term Trend: Bullish
As per RSI, the S&P 500 seems to be in a green zone and its rally is similar in intensity to that seen in early January 2020. The trend also supports the highly positive momentum during the American Session.

However, the partial bullish range from March low in the S&P 500 (SPX) indicates that the Index may remain supported. We anticipate the index to increase higher in the medium to long term, while pullback stays beyond the 2953.4 level, and more notably beyond 2753.4 level.
S&P 500 Short term Trend: Bullish
In so far as pivot at 2953.4 low level stays unchanged, a pullback is expected to find support around 3139 levels, or swing in the short term to 3250 levels for more upside. This implies that the markets in the recovery rally have accelerated too much, making it prone to remarkable corrections in the days and weeks to come.

However, with long positions beyond the 3183.4 level and targets at 3250.00 & 3320.00 levels in extension, traders may look for new inclination. In the opposite case, traders may go beneath level 3183.4 to aim for more downside with threshold levels of 3139.0 & 3078.00 as the focus.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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