S&P 500 Registers Fresh All-Time Highs Amidst Geopolitical Tension

S&P 500 Registers Fresh All-Time Highs Amidst Geopolitical Tension

S & P 500 Price Analysis – January 12

The S & P 500 bounced to new all-time highs as the risk of an imminent US-Iran war declined after President Donald Trump announced that he was not anticipating additional retaliation. The S & P 500 hit a new all-time high during the prior session but exited beneath the key level at a maximum of 3263.4.

Key levels
Resistance Levels: 3350, 3300, 3263
Support Levels: 3,157, 3,069, 2,853

S & P 500 Long-term trend: Bullish

Given the tension in the Middle East (at the moment) and the potential for a trade deal at phase one shortly, we prefer the index to break fresh highs. Although, if it breaks beneath the 3205 levels, the correction will continue.

The breakthrough to fresh highs was supported by the strong structure of the trend line after a period of consolidation at the highs. The trend remains bullish after level of 3205, but traders can look for bullish settings past the 3300 level.

S&P 500 Short term Trend: Bullish

The S & P 500 is far beyond the immediate support level of 3205 with recent consolidations. Consequently, in the short term, the bullish momentum is preserved. The present advance may come closer to an additional forecast for the level at 2772.9-3069.3 from 2853.0 at 3300 levels in the following.

Nevertheless, the upward momentum is decreasing, as can be seen from the 4-hour RSI. The upper level may be contained by the level at 3300 to at least consolidate. Meanwhile, a breakthrough of the 3205 levels may suggest that a short-term peak is in place and return towards the lower horizontal support level (now at 3157.2).

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.