S&P 500 Takes a Breather, Plunges From a One-Month High Level at 3235.8

S&P 500 Price Analysis – July 14

S&P 500 consolidate the prior session losses around 3170 levels, up 0.33% on a day, during the initial hour of the EUROPEAN open on Tuesday after plunging from a one-month high level at 3235.8 level. The US equity derivative surged to the highest since June 10 in the previous day amid hopes of further stimulus.

Key Levels
Resistance Levels: 3300, 3250, 3216
Support levels: 3139, 3078, 3000
S&P 500 Long term Trend: Bullish
As observed on the daily chart, the price is around the weekly resistance close to the level at 3183. From a medium to long term outlook, there is nothing here for the bears and the bulls may stay in charge with price above the 13 moving average and ascending trendline support since March.

The S&P 500 is bullish while trading above the 3139 levels, key resistance is found at the 3183 and the 3216 levels. If the S&P 500 trades below the 3139 level, sellers may test the 3078 and 3000 levels.
S&P 500 Short term Trend: Bullish
The uptrend may be expected to continue, while the S&P 500 is trading above support level 3183, which will be followed by reaching resistance level 3216 – 3250. Above 3183 levels look for further upside with 3216 and beyond as targets.

A downtrend may start as soon, as the pair drops below support level 3139, which will be followed by moving down to support levels at 3078 – 3000. Short positions below 3183 level with targets at 3139 & 3078 levels in extension.

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