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S&P 500 Price Analysis – March 3
The S&P 500 swings around 3,897, up 0.68% during the European session on Wednesday. After its decline in the prior session, the index steers the upside from 3,868 lows past 3,900. The influx of liquidity that is supposed to come when Congress passes the upcoming relief bill could spark USD bears causing the indexes to increase in value.
Key Levels
Resistance Levels: 4,000, 3950, 3,900
Support Levels: 3,868, 3,800, 3,735
S&P 500 Long term Trend: Ranging
The S&P 500 has managed to depart from its daily lows. The S&P 500 is up 0.68% at 3,897 while heading past the 3,900 level. If the index fails to close the day above the moving average of 13, which is currently seen above the level at 3900, the selling pressure could return.
The price of the index has remained within the ascending trendline support from March 2020. On the downside, 3,800 (psychological level) aligns with the ascending trendline as key support. In the subsequent sessions, a daily close below that level could force the index to extend its slide toward the 3,546 levels.
S&P 500 Short term Trend: Ranging
On the 4-hour time frame, although the S&P 500 index is looking ready to continue its gains to the upside however buying exposure may not increase unless the price overcomes the 3,900 barriers. In the event, the market pulls back below the 4-hour moving average 5 & 13, and the 3868 levels, it may open towards the 3,800 floors.
The RSI has posted higher lows, indicating an improving short-term bias. However, any additional upside correction may not be attractive enough unless the index jumps past the 3,900 levels. However, if the bears win the battle at this point, a more aggressive sell-off may prevail.
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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