S&P500 Technical Analysis: The trend is your friend
|- The S&P500 is evolving in a bullish channel with rising and widening simple moving averages.
- After overshooting above the bullish trendline the market is finding support just above it. Although the market is quite topish with a rising wedge and a trendline overshot the trend is your friend and there is no sign of a top just yet.
- Targets are seen at 2,917.00 and 2,930.00 figure.
S&P500 daily chart
Spot rate: 2906.00
Relative change: 0.27%
High: 2,906.25
Low: 2,891.00
Main trend: Bullish
Resistance 1: 2,917.00, August 21-22 bear leg 261% Fib. extension
Resistance 2: 2,930.00 figure
Resistance 3: 2,950.00 figure
Support 1: 2,900.00 figure
Support 3: 2,877.00 January swing high
Support 4: 2,863.75 August 7 high
Support 5: 2,853.00 August 9 low
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