S&P 500 Trades in the Positive Territory Pre-Fed During the Mid-Week

S&P 500 Price Analysis – June 28

The S&P 500 Index is currently up 0.46 percent at 4,412, after reaching a new all-time high of 4,426.1 on Monday. Followed by gradual gains, pre-Fed decision cautionary trading and worldwide concerns about growing covid cases continue to constrain upside attempts. Besides that, the S&P 500’s major sectors all fell after the opening bell on Tuesday.

Key Levels
Resistance Levels: 4550, 4500, 4450
Support Levels: 4375, 4235, 4150
S&P 500 Long term Trend: Bullish
The S&P 500 index rebounded on the 4389.3 level and the 5-moving average, resuming its upward trend. The price is currently finding resistance at the horizontal line at 4420 and is trending horizontally. The RSI is likewise trending sideways, indicating that the upward movement is being stifled.

The buying pressure could remain intact if the index continues to close the day above the moving average 5, which is now noted above the level at 4400 levels. To the upside, lingering pressure over the last few days has stifled gains beneath the 4450 level.
S&P 500 Short term Trend: Bullish
In the short term, if buyers can break through the horizontal resistance at 4426 levels, an attempt to register a fresh all-time high of 4450 could occur. If these restraints are removed, resistance may emerge at a higher degree.

If sellers force the pair below the critical 4400 levels, as well as the 4-hour moving averages 5 and 13, the chance of a move lower to the 4300 levels increases. If selling pressure remains, the critical support levels of 4235 and 4150, which coincide with the ascending trendline from March, could act as a stopgap.

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