The S&P 500 index jumped yesterday, closing the day just below the 50-day MA (red moving average).
Today, the price is falling slightly, indicating a possible rejection at the 50-day MA.
If that is confirmed today, the price could retest the support at around 3800.
If that support will not hold, it's likely that the index will fall further and test the next support level at around 3700.
On the other side, the upside potential is very limited at the moment since there are many resistance levels for the price (all the major moving averages and the 3900 level).
The overall trend for the S&P 500 index is still bearish and this recent rally might be just a pause before the continuation to the downside.
The RSI rose slightly to 45, still indicating a bearish trend.
Overall, the index price could fall further in the upcoming days, until it reaches the oversold condition on the RSI.
Today, the price is falling slightly, indicating a possible rejection at the 50-day MA.
If that is confirmed today, the price could retest the support at around 3800.
If that support will not hold, it's likely that the index will fall further and test the next support level at around 3700.
On the other side, the upside potential is very limited at the moment since there are many resistance levels for the price (all the major moving averages and the 3900 level).
The overall trend for the S&P 500 index is still bearish and this recent rally might be just a pause before the continuation to the downside.
The RSI rose slightly to 45, still indicating a bearish trend.
Overall, the index price could fall further in the upcoming days, until it reaches the oversold condition on the RSI.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.