S&P 500 Upside Recovery Takes a Breather Beyond 3000 Level

S&P 500 Price Analysis – June 2

Global stocks have progressed and a rally back beyond 3,000 levels on S&P 500 is registered. The S&P 500 is rebounding sharply after the crash seen in February-March while securing almost all of the lost territory. The index may rise further upwards as buyers remain firmly in charge.

Key Levels
Resistance Levels: 3216, 3139.0, 3078
Support levels: 3000, 2953, 2854
S&P 500 Long term Trend: Bullish
The S&P 500 is rebounding steadily after the plunge seen in February-March, though regaining much of the lost territory. On the daily chart, the market is hovering around its highs beyond the major moving averages of 5 and 13.

The index moved past the 3000 main resistance and that is seen as a sign of bullishness. As buyers remain firmly in charge, the index in the medium to long term eyes the level 3139 and the level 3216. On the contrary, support may also initially spring up from the levels 3000, 2953.4, and 2900.

S&P 500 Short term Trend: Bullish
S&P 500 stays firmly supported beyond its ascending trendline on the 4-hour time frame, presently at 3064 levels, and most analysts are aiming for the rally to grow further, with the next significant resistance being seen at 3139 levels.

Although support at level 3050.0 holds the immediate risk, near-term resistance is initially seen at level 3078 next. Inevitably, however, the next significant resistance is not seen until the level of 3139 where the technical indicators tend to be in contrast as the RSI may likely move down to the negative zone.

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