S&P 500 Rebounds in a Temporary Pullback Past the 3300 Level

S&P 500 Rebounds in a Temporary Pullback Past the 3300 Level

S&P 500 Price Analysis – February 4

The S & P 500 rose strongly in a temporary pullback to a higher zone on Tuesday as the risk-on mood is dominating the market. Buyers have gathered significant momentum, and a breakout past 3300 could retest an all-time high near 3338.50 level.

Key Levels
Resistance Levels: 3400, 3350, 3338.5
Support Levels: 3280.8, 3250, 3182

S&P 500 Long term Trend: Bullish

The S & P 500 is trading in an uptrend past the major daily moving averages 5 and 13. After about a week of consolidation, the market is regaining its strength and defying the 3300 resistance level.

Given that buyers have gathered a lot of momentum, a breakout beyond the above-mentioned resistance could return to retesting an all-time high near 3338.50 level. Support appears near 3250 and 3210 levels respectively.

S&P 500 Short term Trend: Ranging

The S & P 500 started falling from 3338 levels, as the movement from the horizontal resistance restricted its movement upwards and found a peak. This drop could form part of the corrective movement towards the fourth consecutive downtrend, which could look for support/uptrend at the level at 3182.

On the other hand, the price remains past the 3280.80 level with targets at 3316.80 and 3338.50 levels in the extension, while the S&P 500 remains bullish. In an alternative scenario beneath the 3235.00 level, the price may approach the decline with the levels of 3210.00 and 3182.00 as targets.

Instrument: S&P 500
Order: Sell
Entry price: 3300
Stop: 3280.8
Target: 3338.50

Note: Learn2Trade.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.