S&P 500 Steadies Around 4200 Levels Despite Nearness to All-Time Highs

S&P 500 Steadies Around 4200 Levels Despite Nearness to All-Time Highs

S&P 500 Price Analysis – June 9

Following the advance beyond the 4200 marks, the S&P 500 has been in its anticipated accumulation phase, with a relatively close trend swinging upwards towards all-time highs. An eventual closing break above 4238 and a continuation of the uptrend are eyed by investors.

Key Levels
Resistance Levels: 4350, 4300, 4250
Support levels: 4184, 4086, 4000

S&P 500 Long term Trend: Ranging
On the daily charts, the S&P 500 has moved into positive sideways trading, and the index may try to break through the next resistance level at 4250. Meanwhile, if the bulls are unable to reclaim control at this point, a retreat towards the next support at 4184 levels is possible.

The longer-term tendency remains cautiously upwards, with first resistance near 4250, which must be overcome to clear the way for a move into 4300 levels. However, we may see a more rigorous evaluation of a cluster of projection levels back in the 4000/4150 region in the near term.

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 4250 could act as resistance for the index in this session and the next. If the index falls, the horizontal support line at 4184 levels will provide support on dips, allowing buyers to re-emerge.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.