S&P500 Index technical analysis: US stocks reach 2,890.00 target on earning figures

Flavio Tosti Independent Analyst

S&P500 daily chart

The S&P500 Index is trading in a bull trend above its 200-period simple moving averages (SMA). The index is up as investors are cheering better-than-anticipated earning figures.

S&P500 4-hour chart

The market is very close to the 2,900.00 figure along with the 100 and 200 SMAs.
As discussed previously, the market hit 2,890.00 this Thursday.

S&P500 30-minute chart

Bulls are back in charge. The next main target is seen at 2,937.00. Before that bulls need to break above 2,890.00 resistance and the 2,920.00 price level.
Support is seen at 2,870.00 and 2,852.00 level.

Additional key levels

SP 500

Overview
Today last price	2888.75
Today Daily Change	35.25
Today Daily Change %	1.24
Today daily open	2853.5

Trends
Daily SMA20	2905.02
Daily SMA50	2872.32
Daily SMA100	2788.29
Daily SMA200	2770.23

Levels
Previous Daily High	2859
Previous Daily Low	2814.25
Previous Weekly High	2937.75
Previous Weekly Low	2825
Previous Monthly High	2954.75
Previous Monthly Low	2850.25
Daily Fibonacci 38.2%	2841.91
Daily Fibonacci 61.8%	2831.34
Daily Pivot Point S1	2825.5
Daily Pivot Point S2	2797.5
Daily Pivot Point S3	2780.75
Daily Pivot Point R1	2870.25
Daily Pivot Point R2	2887
Daily Pivot Point R3	2915

Author

Flavio Tosti

Independent Analyst

EUR/USD stays below 1.1850 after dismal German sentiment data

EUR/USD stays in negative territory below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls toward 1.3550, pressured by weak UK jobs report

GBP/USD remains under bearish pressure and extends its decline below 1.3600 on Tuesday. The United Kingdom employment data suggested worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Canada CPI expected to show sticky inflation in January, still above BoC’s target

Economists see the headline CPI rising by 2.4% in a year to January, still above the BoC’s target and matching December’s increase. On a monthly basis, prices are expected to rise by 0.1%.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.