S&P 500 Upside Traction Prints Fresh Highs Past 3800 Levels Amid Surging Oil Prices

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S&P 500 Price Analysis – February 2

The S&P 500 holds past 3800 levels as upside traction prints fresh highs in the mid 3800 vicinities to maintain the immediate threat of a higher spike. The index had opened positively on Tuesday amid surging oil prices with Energy Index up nearly 2% after the opening bell.

Key Levels
Resistance Levels: 4000, 3900, 3868
Support Levels: 3800, 3735, 3691
S&P 500 Long term Trend: Ranging
The S&P 500 has recovered from the prior days low at the 3665 levels while trading past the 3800 levels earlier in the day. The uptrend may be expected to continue, while the market is trading above support level 3735, which will be followed by reaching resistance level 3868 level.

On the contrary, a downtrend may start as soon, as the market drops below support level 3735, which will be followed by moving down to support level 3691 and the ascending trendline support at recent lows of 3665.
S&P 500 Short term Trend: Ranging
The S&P 500 surged by 72 pips or 1.77% during the early Tuesday trading session. The index is trading above the moving average 5 at the upside channel pattern at the 3838 levels. Technical indicators demonstrate that the index is likely to edge higher during the following trading session. The potential target for bulls would be at the 3868 levels.

However, the horizontal resistance at 3840 could provide resistance for the currency index within this session and the next. On the other hand, if the S&P 500 returns lower, it is supported on dips by the 4 hours moving average of 13 around the 3765 levels where buyers may re-emerge.

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