S&P 500 Recovers Upside Traction in an Attempt at 3700 Amid Stimulus Optimism

S&P 500 Recovers Upside Traction in an Attempt at 3700 Amid Stimulus Optimism

S&P 500 Price Analysis – December 1

S&P 500 opened near 3662 levels, and it’s up at almost 0.50% intraday, during the initial hour of American open on Tuesday. The index has recovered upside traction after the prior day’s range trading and closes at the 3661 levels. The latest rally suggests the stimulus optimism may be among the market movers.

Key Levels
Resistance Levels: 3750, 3700, 374
Support Levels: 3638, 3595, 3477
S&P 500 Long term Trend: Bullish
The S&P 500 is set to challenge its 2020 all-time high at 3674 level, which is a key resistance to watch out for from a technical perspective. A significant break above the 3674 resistance level could push it to open the door for a further advance towards the next significant resistance at 3700.

On the other hand, momentum indicators may soon indicate the risk of a potential technical pullback in the overbought zone. The immediate support levels on the daily charts can be found at 3638, followed by 3595.6 and then 3550 thereafter.
S&P 500 Short term Trend: Bullish
The S&P 500 aims to break the November 9 high at 3674 after prices rallied above the 3658 medium-term resistance zone. While the S&P 500 rallied above 3600, confirmation of a break seems to be lacking.

Moreover, a dip below the resistance zone at 3674 will expose the 3600/3595 floor, opening the door for further consolidation shortly. The ascending trend line stays unchanged, although some short-term pullback is possible. The nearest support level can be found at 3595 further.

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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.