S&P 500 Price Analysis: 3,164 is the next target, if Non-Farm Payrolls allow – Confluence Detector
The S&P 500 Index cut short a winning streak on Thursday and dropped, but futures look upbeat on Friday. Will stocks continue higher? The US Non-Farm Payrolls report holds the key. How is the index positioned on the chart?
The Technical Confluences Indicator is showing initial resistance awaits at 3,141, which is the convergence of the Pivot Point one-week Resistance 2 and the previous 1h-high.
The strongest cap awaits at 3,164, where the Pivot Point one-month Resistance 1 hits the price.
Some support awaits at 3,130, which is the confluence of the previous daily high and the Simple Moving Average 10-15m.
The next cushion is at 3,115, where the Fibonacci 61.8% one-day and the Bollinger Band 1h-Middle.
The last support level to watch is 3,101, which is the meeting point of the Fibonacci 23.6% one-day and the Pivot Point one-week Resistance 1.
Here is how it looks on the tool:
Confluence Detector
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
