S&P 500 Price Analysis: After a small blip its business as usual for the S&P 500

The S&P 500 is trading 0.66% higher on Monday as the Nasdaq struggles.
The price is still well on its way to the all-time highs.

Rajan Dhall, MSTA FX Daily

S&P 500 10-minute chart

The S&P 500 has a minor blip after the open before normal service resumed. The price fell to 3,337.00 and has now settled near 3,359.50. Travel and entertainment companies top the S&P 500 and it was a pretty mixed session in the EU leading into the US open.

The chart below shows a strong resistance line at 3,362.50. If level breaks to the upside then there could be a decent chance the all-time high maybe tested this week. On the downside, the red horizontal line is the previous wave low and if it is taken out then the next support could be the low of the session.

The indicators are looking pretty bullish. The Relative Strength Index is above the 50 level which is positive. The MACD histogram is in the green but the signal lines are below the mid-level.

Overall, the price is still in a decent uptrend. There is some volatility on the lower timeframes but when the price dips the bulls manage to push the index back up again. It seems buy on dips is still the major theme.

S&P 500 weekly chart

The S&P 500 bulls look like they are heading to hit the all-time high at 3,395.25. The high could be a resistance point but if the Nasdaq and gold are anything to go by we could be in for an interesting run.

Additional levels

SP 500

Overview
Today last price	3359.25
Today Daily Change	21.75
Today Daily Change %	0.65
Today daily open	3337.5

Trends
Daily SMA20	3254.81
Daily SMA50	3170.93
Daily SMA100	2983.76
Daily SMA200	3060.13

Levels
Previous Daily High	3353.75
Previous Daily Low	3332
Previous Weekly High	3353.75
Previous Weekly Low	3264.25
Previous Monthly High	3293
Previous Monthly Low	3073.5
Daily Fibonacci 38.2%	3340.31
Daily Fibonacci 61.8%	3345.44
Daily Pivot Point S1	3328.42
Daily Pivot Point S2	3319.33
Daily Pivot Point S3	3306.67
Daily Pivot Point R1	3350.17
Daily Pivot Point R2	3362.83
Daily Pivot Point R3	3371.92

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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