S&P500 Technical Analysis: Bullish channel in place targets 2,863.75
|- The S&P500 reached and exceeded the 2,825.00 resistance as buyers are trying to revive the main bull trend after the double bottom formation on Wednesday.
- The market is trading at its highest in the last three days and the 50-period simple moving average has crossed above the 200-period simple moving average suggesting bullish momentum. The S&P500 is evolving in a bull channel and while pullbacks to 2,835.00 are possible bulls should target the 2,853.00 and 2,863.75 levels.
- A bear breakout below 2,825.00 would invalidate the bullish bias.
S&P500 15-minute chart
Spot rate: 2,844.75
Relative change: 0.80%
High: 2,850.50
Low: 2,818.00
Trend: Bullish
Resistance 1: 2,843.00 August 13 high
Resistance 2: 2,853.00 August 9 low
Resistance 3: 2,863.75 August 7 high
Support 1: 2,835.25 August 6 low
Support 2: 2,825.00 August 3 low
Support 3: 2,800.00 figure
Support 4: 2,798.50 July 30 low
Support 5: 2,765.00 July 11 low
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