S&P 500 Price Analysis: Stuck between a rock and a hard place


  • The S&P 500 has pushed 1% higher on Monday as risk sentiment improves.
  • The price bounced off the psychological 3K area to push higher.

S&P 500 1-hour chart

The S&P 500 chart has converged into a descending wedge formation on the hourly chart below. A break in either direction could help traders determine the future trajectory of the price. Right now the price is headed to the top of the pattern as the market has been positive today. There could be some resistance at the top of the pattern but right now the bull momentum looks like it could break through it. 

If the top of the pattern does give way, the red line at 3080.00 could be the next resistance as it was the previous consolidation low support. The Relative Strength Index has lots of room to move to the upside and recently broke through the 50 mid-point. There could be a bearish failure swing set up soon though, as this is when the market makes a lower high wave but the indicator makes a higher high wave. 

The market is in no man's land at the moment and a the coronavirus headlines seem to be the main driver of the price. A positive Monday close could be the best tonic for a tough week last week and this week there is lots of data to digest including Friday's NFP announcement. 

S&P 500 Technical Analysis

Additional levels

SP 500

Overview
Today last price 3046.75
Today Daily Change 32.25
Today Daily Change % 1.07
Today daily open 3014.5
 
Trends
Daily SMA20 3106.41
Daily SMA50 2982.78
Daily SMA100 2916.44
Daily SMA200 3024.95
 
Levels
Previous Daily High 3092.5
Previous Daily Low 3004
Previous Weekly High 3156.5
Previous Weekly Low 3004
Previous Monthly High 3069.5
Previous Monthly Low 2768
Daily Fibonacci 38.2% 3037.81
Daily Fibonacci 61.8% 3058.69
Daily Pivot Point S1 2981.5
Daily Pivot Point S2 2948.5
Daily Pivot Point S3 2893
Daily Pivot Point R1 3070
Daily Pivot Point R2 3125.5
Daily Pivot Point R3 3158.5

 

 

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