S&P 500 Shows Modest Gains Past the 4200 Region

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S&P 500 Price Analysis – May 26

Following a gloomy result of Wall Street benchmarks, the S&P 500 recovers 0.20 percent intraday. At the time of this post, the index was trading around the 4200 regions after a stop of the prior day’s pullback from a weekly high of 4216 levels. The recent rise implies that market movers’ optimism on the U.S Federal Reserve and other global central banks are maintaining their support.

Key Levels
Resistance Levels: 4,300, 4,250, 4,220
Support Levels: 4, 150, 4,100, 4,035
S&P 500 Long term Trend: Ranging
From a technical standpoint, the S&P 500 is likely to challenge its all-time high of 4245, which is a crucial resistance to watch out for in 2021. A substantial break above the 4245 resistance level might pave the way for a move higher towards the next major resistance level around 4300.

Momentum indicators, on the other hand, may soon signal the possibility of a technical drop once the index reaches the overbought zone. On the daily charts, immediate support can be located at 4150 around the MA 200, followed by 4100, and finally 4035 levels.
S&P 500 Short term Trend: Ranging
On the 4-hour time frame, the S&P 500 index is in an upside range trend, which suggests intra-day trades can be derived in line with the larger time frame’s trend. The price has established a ranging pattern on the 4-hour time frame, and they usually break in the direction of the present trend.

The RSI is now trading above its midpoints, but the horizontal resistance at 4220 could act as resistance for the index in this session and the next. If the S&P 500 falls, the horizontal support line at 4150 levels will provide support on dips, allowing buyers to re-emerge.

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