S&P 500 Upside Move Stalls at 3544 Level With Traction Aiming at an All-Time High

S&P 500 Upside Move Stalls at 3544 Level With Traction Aiming at an All-Time High

S&P 500 Price Analysis – October 13

The S&P 500 upside move stalls at 3544 levels while trading in the negative territory on Tuesday as investors adopt a cautious stance while waiting for fresh developments surrounding the US stimulus talks. As of writing, the S&P 500 was down 0.65% on the day at 3520 levels.

Key Levels
Resistance Levels: 3830, 3650, 3588
Support Levels: 3450, 3350, 3210
S&P 500 Long term Trend: Bullish
S&P 500 has surged higher again in the prior day to hit 3550 high levels with eyes at the resumption of the core uptrend back to the 3588 high levels and then for new record highs. However, the index upside move stalls at 3544 intraday high level in today’s session.

Given the strength of the past four days, a knee-jerk pullback should be allowed for, but dips will stay seen as corrective and while the index maintains its bullish outlook and look for strength back to not only the 3588 high levels but beyond in due course.
S&P 500 Short term Trend: Bullish
On the 4-hour time frame, the resistance lies above the high of yesterday at the 3550 levels next and eventually the 3588 high level. The all-time high of 3588 levels could be the next target, and if this gets violated, resistance could then develop around the 3650 barriers.

Support is seen at 3477 levels initially, then 3450, with the lower end of the channel now ideally at 3400 levels holding to keep the immediate risk higher. A break can see a deeper pullback to 3350 levels, but with fresh buyers expected here.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.