S&P 500 Rebounds From 4,360 Low, Shrugs Off US Inflation Report

S&P 500 Rebounds From 4,360 Low, Shrugs Off US Inflation Report

S&P 500 Price Analysis – July 14

The S&P 500 recovers from 4360 low today after closing lower on Tuesday as the index trades up 0.13 percent at 4,372 as of this writing. As buying traction strives to print new highs into the 4400 vicinities, the index remains above mid 4300 levels, signaling that the rise is yet to abate.

Key Levels
Resistance Levels: 4,600, 4500, 4400
Support Levels: 4300, 4250, 4150
S&P 500 Long term Trend: Bullish
The S&P 500 is poised to reclaim its recent high of 4393.4, which is an important technical high to keep an eye on. A strong break beneath the medium-term horizontal support level of 4359 might pave the way for a move beneath the recent important low of 4290.

Momentum indicators, on the other hand, may soon signal the continuation of the initial technical decline from overbought zones. On the daily charts, immediate support can be located at 4300, followed by 4250, and finally 4150.
S&P 500 Short term Trend: Bullish
The S&P 500 rose 14 pips, or 0.13 percent, during the early Wednesday trading session. The index is trading within the 5 and 13-day moving average at 4373, forming an upside channel pattern. According to short-term technical indicators, the index is likely to rise over the upcoming trading session.

Bulls may set their sights on breaking the 4400 levels. On the other hand, the horizontal support at 4300 could operate as support for the index in this session and the next. If the index surges, it will be boosted by swings beyond the 4 hours moving average of 13, which is currently at 4380, where buy orders may be triggered.

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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.