S&P 500 upholds the 4,650/4,720, defies declines on strong US data

17 November 2021 | Updated: 17 November 2021

S&P 500 Price Analysis – November 17

The S&P 500 has had a turbulent start to the week, fluctuating within the range of 4,650/4,720 zone amid the market sentiment. The index is now trading flat on the day, about in the midpoint of this range, a little under 4,700. Positive US macroeconomic data fueled a stock market boom, as Retail Sales increased to a seven-month high, more than tripling the September number.

Key Levels
Resistance Levels: 4800, 4750, 4720
Support Levels: 4650, 4600, 4551
S&P 500 Long term Trend: Bullish
On Tuesday, the S&P 500 rose substantially as the market maintained its key price resistance of 4720, as well as its rising moving average of 13, which is currently at 4670. However, as a result of this ferocity, the index fell below 4690 during the present session.

Beyond the recent level, it’s time to call for a cautious action to this high-level consolidation phase, with resistance next indicated at 4800 levels and, more importantly, at the top of the price range at 4720 levels in November, which is expected to remain a big roadblock.
S&P 500 Short term Trend: Ranging
On the 4-hour time frame, the technical analysis context of the S&P 500 index is currently in a very fascinating zone. A break above the 4720 levels would be bullish, but a break below the 4650 levels at the horizontal support line would keep the uptrend unstable.

Examining the signs from the previous session, they showed a bullish push forward. Though dropping, the relative strength is staying past 50. Both 5 and 13 moving averages have turned neutral and may be approaching a crossover under the 4680 levels.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.