S&P 500 Refreshes Highs Near 3400 as US Dollar Weakness Favor Commodities

S&P 500 Price Analysis – August 18

S&P 500 Futures await fresh clues to extend the early-European session run-up to the six-month top near the 3400 levels. The risk barometer currently takes rounds to 3390 levels after flashing the multi-day peak of 3388 levels. Major equity indexes in the US are trading mixed as US dollar weakness favor commodities.

Key Levels
Resistance Levels: 3450, 3430, 3400
Support Levels: 3360, 3300, 3250
S&P 500 Long term Trend: Bullish
As of writing, the S&P 500 Index (SPX) was up 0.35% daily at 3389 levels. S&P 500 futures tread water around 3390 levels after reaching half-yearly highs around 3400 levels early today. The S&P 500 rally is gaining momentum at the 3390 level record high. With a daily RSI momentum divergence now in place, the risk for a correction lower is growing steadily.

Support at 3360 level needs to hold to avoid this to keep the immediate risk higher for a challenge on the 3400 record high. Beyond here can see an overshoot to potential trend resistance, today is seen at 3415 levels, which investors may look to cap at first.
S&P 500 Short term Trend: Bullish
On the 4 hour time frame, the S&P 500 at (+0.27%) tested the February closing record for the third time in a week but failed to break it. S&P 500 (SPX) 4-hour chart above shows that the Index has ended the correction from August 11 high.

From there, the Index has continued to resume higher. The rally has already broken above August 11 high, confirming that the next leg higher has already started towards the 3400 levels. As long as 3216 low level stays intact, the dips in S&P 500 swings are expected to find support for more upside.

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