S&P 500 Price Continues Record Runs at High Levels

S&P 500 Price Analysis – February 16

As the coronavirus outbreak in China’s Wuhan continued to be the focus of attention last week which caused great volatility, overall, US investors do not seem to be too worried that the S & P 500 continues to record highs.

Key Levels
Resistance Levels: 3450, 3400, 3390
Support Levels: 3360, 3338.5, 3300

S&P 500 Long term Trend: Bullish

The S and P 500 moved to and fro during the last trading session, proceeding with record runs at unequaled highs. Having a long term inclination for positions past the 3360.00 level with focuses at 3400.00 level consequently.

Right now, the market looks exceptionally hopeful and bodes well for an elective situation underneath the level of 3360.00, the market can anticipate a further plunge towards the 3338.00 level and 3316.00 level as targets.

S&P 500 Short term Trend: Bullish

For the 4-hour time frame, the barrier at the 3400 levels is higher, it is viewed as a tremendous opposition. The candles from the past session most likely offer sideways support than any other considerations.

Although its price may fall beneath this level, the level at 3300 should likely offer support, however, if a breakthrough occurs past the level at 3400, likely, the S & P 500 may suddenly focus on the level at 3450 and, ultimately, the level at 3500.

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