S&P 500 Price Analysis – January 19
At the time of writing, the S & P 500 stays up, remaining in positive territory, at the same time, investors are riding on the phase-one trade deal between U.S and China. The S & P 500, thanks to its strong Wall Street performance, is modestly higher and is boosted by a strong impulse to 3330 levels.
Key Levels
Resistance Levels: 3400, 3350, 3330
Support Levels: 3316, 3300, 3280
S&P 500 Long term Trend: Bullish
In the prior session, the price registered a new historic high of 3331.8 level, but overbought conditions have already been discovered, as the RSI stayed near the 75 marks.
Traders can expect the price to fall back to the next immediate support level of 3300, in case the bulls dominate the market. The next is the higher level somewhere around the level of 3500.
S&P 500 Short term Trend: Bullish
On the 4-hour chart, a support base was formed at the level of 3280.8, which allowed to temporarily stabilize. However, the uptrend is likely to continue as the pair trades past the support level on 3316.8, which may be followed by an approach to resistance at 3350 levels.
Slowing on the moving average of 5 and 13 further increases the likelihood of a downward correction, or at least some stabilization. The S & P 500 is expected to face some downward pressure in the near term, but overall, the market is expected to continue to move up.
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