S&P 500 Upside Rally Continues to Break Higher With Focus on the 3300 Level

S&P 500 Price Analysis – July 21

S&P 500 rally continues to print a three-day unbeaten run while taking price close to level 3277, up 0.80 percent on a day, during Tuesday’s initial European session. The pair may break higher with a 3300-level focus on the cheered pursuit of more US and European stimulus while updates on the coronavirus (COVID-19) vaccine added optimism.

Key Levels
Resistance Levels: 3400, 3360, 3300
Support levels: 3216, 3183, 3139
S&P 500 Long term Trend: Bullish
In the daily chart, in particular, we see price holding past the horizontal support level at 3183 much beyond a recently formed structure. While keeping here above, bulls may target a range of fresh peaks and troughs around level 3300.

Beneath the support structure exposes sell-off prospects under 3000 level to June low. On the upside, however, as long as the ascending trendline support for 2020 holds up, a buy on the roadmap for dips might be the path to go.
S&P 500 Short term Trend: Bullish
Bulls stay in charge beyond the key support structure on the 4-hour time frame, targeting all-time highs at level 3300. From a technical viewpoint, the rally may support both bears and bulls. Meanwhile, the downside scenario is limited so long support at level 3183 holds intact.

The preference is a long position beyond 3250 levels with targets at the 3300 level and higher, in the alternative scenario beneath 3250 we may aim for more downside with 3183 and 3139 levels as targets.

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