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

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Azeez Mustapha

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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

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