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S&P 500 Price Analysis – August 25
After recording an all-time high of 4496, few points shy of the 4,500 barriers at the start of the week. The S&P 500 is drifting on Wednesday, despite posting gains during the prior session. The index is trading at 4484, down 0.04% on the day at the time of this post.
Resistance Levels: 4700, 4600, 4500
Support Levels: 4475, 4400, 4350
S&P 500 Long term Trend: Bullish
In the previous day, the S&P 500 surged upward to reach 4496 high levels, with investors hoping for a return of the core uptrend breaking the 4500 high barriers and then for new record highs. In today’s session, however, the index’s upward movement pauses beneath the 4491 intraday high level.
Considering the index’s performance over the last four days, a knee-jerk retreat should be expected, but dips will be viewed as corrective, and look for strength to return to not only the 4500 high levels but beyond, in due time. The moving average 5 and 13 remains below as medium-term support.
S&P 500 Short term Trend: Bullish
On the 4-hour time frame, resistance is seen around yesterday’s high around 4496 levels, followed by the 4500 high levels. The next goal might be the high of 4600 levels, and if it is breached, resistance could form around the 4700 barriers.
Support was initially identified at 4475, then 4431, with the lower end of the channel currently ideally holding at 4400 levels to maintain the immediate danger higher. A break might result in a deeper drop to 4350 levels, but fresh buyers are likely ahead of the stated lows.
Note: Learn2.trade 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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