S&P 500 Moves to Recover Past the Level at 3600 As Vaccine Hopes Favor Bulls

S&P 500 Price Analysis – November 24

S&P 500 increases with over 32 points, or 0.73% intraday, ahead of Tuesday’s American open. A higher turn by S&P 500 moves to recover past the level at 3600 and may be taken as an upside signal by investors as vaccine hopes favor buyers.

Key Levels
Resistance Levels: 3700, 3650, 3625
Support Levels: 3550, 3477, 3400
S&P 500 Long term Trend: Bullish
On the daily chart, the S&P 500 is ideally holding steady support around the 5 and 13 moving averages at 3580 for a possible break above 3650 to complete the bullish pennant pattern to strengthen the existing and larger bullish structure.

Conversely, if the bulls gain the upper hand and push the S&P 500 higher, resistance at the psychological 3650 will be important to limit gains. If bears gain the upper hand and direct the index below recent lows near 3580, the door will open to retest the 3550-3522 area.
S&P 500 Short Term Trend: Ranging
In the 4 hours chart, the first resistance remains at 3650, followed by short-term downtrend support at 3588. Above 3650 is required to clear the way for retesting the current high at 3674. Short term technical indicators are currently endorsing the ranging outlook as the RSI is heading away from the overbought threshold.

Then there was trending resistance from the previous week, now at 3625, with new sellers expected from here at the moment. The preferred bias is long positions above 3550 with targets at 3650 and 3700 thereafter. In an alternate scenario below 3550, traders may look for further declines with 3522 and 3477 as targets.

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