S&P 500 Recovery Limited Beneath 3078.3 Level to Maintain Fresh Downside Bias

S&P 500 Price Analysis – June 30

The S&P 500 potentially stays beneath 3078.3 level to hold the initial risk lower for a leap beneath its moving average of 13 during its wider corrective period. The S&P 500’s most recent high at 3233 levels around the region corresponded to the moment when COVID-19 incidents shot up again.

Key Levels
Resistance Levels: 3250, 3139, 3078
Support levels: 3050, 3000, 2953.4
S&P 500 Long term Trend: Bullish
The daily bias holds beneath the level at 3078.3 to proceed to potentially cap with support initially seen at level 3050, then the ascending trendline at level 3039. A close rear beneath here may add additional volume to the corrective view with support next seen at 3000 levels beyond the 2953 level.

It is appropriate to see a further price complete below the support level at 2953 to increase the possibility of further weakness with support at level 2900. The perfect path is for a 2800-level eventual test of the 38.2 percent retraction of the entire rally from April.
S&P 500 Short term Trend: Ranging
On the 4-hour time frame, the technical indicator confirms that some support awaits the S&P 500 at around 3050 level, which is the convergence of the 5 and 13 moving average. Stronger support awaits at level 3000, which is the meeting point for the horizontal line and the ascending trendline.

However, within the short-term oscillators, a contradictory scene is painted which reflects the optimism of further progress, while the RSI soars past the 50 levels after a bounce. On the upside, initial resistance might emerge at moving average 5 and, should such obstacles be overcome, an area of 3139-level highs may come into view.

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