S&P 500 Stays Moderately Bid Near Intraday Highs, Recovering Stability

S&P 500 Price Analysis – June 23

In the early hours of Wednesday, the S&P 500 picks up bids at 4250, up 0.14 percent intraday. The index continues to stay above mid 4200 levels as upside traction attempts to print new highs towards the 4300 vicinities, implying that a greater surge is yet imminent.

Key Levels
Resistance Levels: 4350, 4300, 4266
Support Levels: 4220, 4150, 4086
S&P 500 Long term Trend: Ranging
While trading past the 4250 levels earlier in the day, the index has rebounded past the previous day’s high at 4258. While the market is trading above support level 4220, the uptrend is projected to continue, with resistance level 4300 being reached next.

On the other hand, a downtrend might begin as soon as the market falls below support level 4220 levels, with a move down to support level of 4184 and rising trendline support at recent lows of 4138 levels.
As of writing, the S&P 500 was down 0.1% on the day at 4,250. S&P 500 Short term Trend: Ranging
During the early Wednesday trading session, the S&P 500 gained 13 pips or 0.14 percent. At the 4251 levels, the index is trading above the moving average of 13 in an upside channel pattern. The index is expected to rise during the next trading session, according to technical indicators.

The 4300 levels could be a potential goal for bulls. The horizontal resistance at 4266, on the other hand, could act as resistance for the index in this session and the next. If the index falls, it will be supported on dips under the 4 hours moving average of 13 at the 4220 levels, where buyers may re-emerge.

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