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S&P 500 Price Analysis – February 9
The S&P 500 stays past the 3900 levels, currently near 3919 highs, during early Tuesday as it eases amid the lack of a new catalyst. The market bias stays positive following fresh interest in US bonds combined with US stimulus hopes.
Key Levels
Resistance Levels: 4100, 4000, 3950
Support Levels: 3900, 3800, 3691
S&P 500 Long term Trend: Bullish
As seen on the daily, S&P 500 rally has finally extended to 3919 with further layers of resistance seen stretching up to 4000 high. The anticipated scenario remains for a cap in the 3900/4000 region and a potentially lengthier correction phase to then unfold.
The MA 5 seems to propel price in the 3850 to beyond 3900 regions. On the downside, 3840 (psychological level) aligns with the MA 200 as key support. A daily close below that level could force the index to attempt a slide toward the 3800 levels in the following sessions.
S&P 500 Short term Trend: Bullish
The S&P 500 index is in a bullish 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 bullish pattern and they usually break in the direction of the current trend.
As for the RSI, it is trading at the overbought region, 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 3900 levels with targets at 3868 level & 3840 in extension. Alternatively, we look for further upside with 3950 & 4000 as targets.
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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