S&P 500 Reaches a New All-Time High Past 4,650 Post FOMC Statement

S&P 500 Price Analysis – November 3

The S&P 500 continues its upward trend in the new week, rising 0.20 percent past 4,650 at the time of writing. Market confidence continues to strengthen throughout the North American day, as evidenced by rising US stock indices post FOMC statement as policy rate remained unchanged.

Key Levels
Resistance Levels: 4750, 4700, 4650
Support Levels: 4600, 4551, 4500
S&P 500 Long term Trend: Bullish
On the daily charts, the bulls have made a positive move away from their earlier pullback, and the index may try to break through the 4650 resistance level. Meanwhile, if the bulls are unable to reclaim control at this point, a retracement towards the next support around 4,600 levels is possible.

The longer-term bias remains cautiously higher, with the first key resistance at 4,700, which must be overcome to clear the way for a move into the 4800 regions. However, we may see a more rigorous evaluation of a cluster of projection levels in the 4650/4700 area in the future.

S&P 500 Short term Trend: Bullish
On the four-hour chart, the S&P 500 has broken through the 4600 resistance-turned-support line. A break below this support will invalidate the bullish bounce, whereas a break above the top confirms the uptrend. On the upside, if the S&P 500 fails to break through the 4650 level, it may fall back to the 4600 level.

The index is only positive when trading over 4600; significant support may be located at 4551 and 4500. The index is only negative when trading below the 4500 levels, with important resistance between 4650 and 4700. It may continue to surge into the next session.

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