S&P 500 Upside Breakout Stays Unabated, With No Sign of Retreat

S&P 500 Price Analysis – September 1

The S&P 500 showed a very good breakout beyond the peak and all-time high previously. The uptrend is ready for continuation simultaneously. From the low of March 23, the S&P 500 has continued to rise a whopping 55 percent – the biggest pullback in the record. With no sign of retreat, the upside breakout stays unabated.

Key Levels
Resistance Levels: 3750, 3650, 3522
Support Levels: 3450, 3350, 3192
S&P 500 Long term Trend: Bullish
The S&P 500 daily chart is showing a clear uptrend and any deeper retracement remains potential support towards the horizontal lines beneath price at 3450 levels. The current push up seems a critical breakout that occurred when price action crossed known barriers.

The uptrend may be expected to continue in case the market rises above resistance level 3522, which will be followed by reaching resistance level 3650. A downtrend will start as soon, as the market drops below support level 3400, which will be followed by moving down to support level 3192.
S&P 500 Short term Trend: Bullish
As observed in the 4-hour time frame, the S&P 500 has retraced from the key resistance at 3522 levels easing down 0.01% at 3507 levels. Meanwhile, it has gone ahead to trade past the 3500 levels today. But in any case, near term outlook will remain bullish as long as the 3400 support level holds.

Buyers may target long positions beyond 3522 levels with eyes at 3650 & 3750 levels in extension. In the alternative scenario, sellers may target beneath 3400 levels to look for further downside with 3350 levels as targets.

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