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S&P 500 Price Analysis – December 22
The S&P 500 setback extended to test lows around the 3600 level as expected but is continuing in the positive territory as economic recovery shows potential for the uptrend to the level 3900, but if due to the covid US will go to lockdown and the market may plunge to 3000 level.
Key Levels
Resistance Levels: 3900, 3800, 3715
Support Levels: 3629, 3546, 3450
S&P 500 Long term Trend: Bullish
On the daily charts, the bulls have gone ahead moving positively with effort away from sideways trading and the index may attempt the resistance level at 3715. Meanwhile, if the bulls cannot take back the reins at this juncture, then there is scope for a 38.2% retracement, and towards the next support at the 3629 levels.
The longer-term bias stays cautiously higher with further resistance seen at 3715 initially, above which is required to clear the path for a further advance towards 3800 levels. In due course though we may see a tougher test of a cluster of projection levels in the 3765/85 band.
S&P 500 Short term Trend: Ranging
The S&P 500 index is in a ranging trend on the 4 hour time frame and this means that intra-day trades may be derived in line with the bigger time frame’s trend. Looking at the 4-hour time frame, the price has formed a ranging pattern and they usually break in the direction of the current trend.
As for the RSI, it is trading at its midlines, however, if it breaks below, this could be the first confirmation that the bears are about to start their party-meaning more weakness ahead. The preferred bias is a short position beneath 3629 levels with targets at 3546 level & 3450 in extension. Alternatively, we look for further upside with 3715 & 3800 as targets.
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