S&P 500 Rise on Optimism Past the 2700 Levels As Signs of Virus Slowdown Boost Market

S&P 500 Price Analysis – April 7

S&P 500 rose through last week’s high level of 2638.7 pushing further past the level of 2700 in today’s session as a slowdown in new infections suggesting that the epidemic may have hit a peak and that investors and markets could have better days ahead.

Key Levels
Resistance Levels: 3139.0, 2900, 2775
Support levels: 2600, 2445, 2250.1

S&P 500 Long term Trend: Ranging

Nevertheless, the S&P 500 ranges appear fragile beneath the resistance level of 2775 as the new week kicks off.

Its support can be seen at 2600 former resistance turned support level, under which the current moving average of 13 base low at 2445 level may add momentum to the reversal further, with more support afterward.

S&P 500 Short term Trend: Ranging

S&P 500 may boost its progress in the short term as New York indicates more evidence that the crisis is reducing. In the short term, the momentum indicators point to a neutral to positive bias, indicating the likelihood of an upside reversal in the RSI’s overbought region.

On the other hand, any further break up beyond the level of 2775.0 may proceed to a level rebound at 2854, alternatively underneath the level of 2600 may lead to a further downside with the target levels of 2445 and 2400.

Instrument: S&P 500
Order: Buy
Entry price: 2638.7
Stop: 2600.0
Target: 2775

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