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


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.

NoteLearn2Trade.com 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


  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.