S&P 500 Probes Lower After Reaching Two Weeks High at 3194 Level

S&P 500 Price Analysis – July 7

S&P 500 declined to 3149 levels, down 0.21% on a day, after markets reached two weeks high at 3194 level trading on Tuesday. The risk barometer surged to the highest since June 19 in the prior session while marking fresh gains on Wall Street.

Key Levels
Resistance Levels: 3300, 3250, 3216
Support levels: 3139, 3078, 3000
S&P 500 Long term Trend: Bullish
As seen technically on the daily, with the market above support from its rising 13-day moving average (currently at 3100 levels) not too far from its 5-day moving average (at 3139 levels) the immediate risk stays higher within the high-level consolidation range.

Its immediate support is seen at 3139 levels and we look for this to try and hold for a clear break above the highs of the past two weeks at 3159 levels for strength back to the top of the price gap from early June and potential downtrend from March at 3194 levels. Whilst we would expect sellers to show here, a direct break can expose the important 3233 June highs.
S&P 500 Short term Trend: Ranging
In the short term, while the 4-hour indicators appear tired and retracing downwards, that wouldn’t be a concern for the stock upswing to continue towards the 3233 near term high level. While the S&P 500 is trading comfortably above the support held at 3139 levels thus upswing continuation is more likely.

The price traditionally moves in waves and now it will be interesting to see if the 4-hour blue moving average 13 lines at 3160 level holds. Beyond that, if the support level does break the price could move back towards the trendline again for a retest or even back to fill the price gap at 3078 levels.

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