S&P 500 Upside Bias Dwindles Beneath 3650 Barrier As Coronavirus News Intensify

S&P 500 Upside Bias Dwindles Beneath 3650 Barrier As Coronavirus News Intensify

S&P 500 Price Analysis – November 17

The S&P 500 updated the record highs in the prior day at 3642 levels, gaining 1.28% however in the present session the upside bias catch a breather and dwindles beneath the 3650 barriers. The risk barometer steps back after Moderna boosted vaccine hopes as coronavirus news intensify.

Key Levels
Resistance Levels: 3750, 3700, 3650
Support Levels: 3588, 3450, 3350
S&P 500 Long term Trend: Bullish
As seen on the daily, the uptrend may be expected to falter and stay beneath the 3650 levels, while the market is trading above support level 3588 while consolidating further into the following session, which will be followed by reaching the resistance level at 3700.

The technical indicators are currently endorsing the ranging outlook as the RSI is heading away from the overbought threshold, while the price turned lower after retracement from the 3634 marks. The moving average 5 and 13 maintains its position and may move slightly horizontally in the medium-term outlook.
S&P 500 short term Trend: Bullish
In the short-term, the S&P 500 index has been in a bullish outlook after it penetrated above the consolidation area of 3233-3522 levels in the preceding week. As the price jumped above the 3522 barriers, the expectation is a retest of the record peak at the 3674 levels before retreating.

However, a rising bearish momentum and south heading 4 hours Relative Strength Index warn of further weakness which would bring bears fully in play on a firm break of 3550 pivots. The anticipated scenario is positioned beneath 3500 levels with targets at 3450 and 3400 levels extension.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.