S&P 500 Registers Minor Pullback After Historical Highs

S&P 500 Registers Minor Pullback After Historical Highs

S&P 500 Price Analysis – February 18

The S & P 500 retreats after a pivoting from a historic high of 3,393.8 level recorded on Monday. Although its price is consolidating, the upward movement for buyers stays untouched, as the market may push to new historical highs.

Key levels
Resistance Levels: 3450, 3400, 3390
Support Levels: 3338.5, 3300, 3270.3

S&P 500 Long term Trend: Bullish

The S & P500 is trading in an uptrend outside of its main moving averages 13 while the market is still growing, printing fresh historical highs, about approaching 3400 levels.

A break past this level could lead to a bullish expansion to 3450 and 3500 levels. Its support is seen around 3350 and 3300 levels.

S&P 500 Short term Trend: Bullish

In the short term, technical indicators predict a likely downward correction, as moving averages are moving south in positive territory, while the RSI is beneath the 50 levels.

After negative pressure, the market may reach support at the horizontal level in the current level of 3270, before it drops to the level of the retracement from 2729 to 3390 at 3220. And marginally beneath this level, support of the 3.210 and 3.182 levels may follow until the level of 3.157 is reached.

Instrument: S&P 500
Order: Buy
Entry price: 3362
Stop: 3338
Target: 3400

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.