S&P500 Technical Analysis: Bears take the lead - Trading below 2,840.00

The S&P500 declined as far as the 2,825.00 support on the last day of the week.
Bulls managed to bring the market back above the 2,835.25 level suggesting that they might try to retake the current weekly high in the next sessions.
Next week bears objective will be to break below 2,825.00 support in order to target 2,810.00 demand level. Resistances become the 2,845.00 supply/demand level and 2,853.00 August 9 low.

Flavio Tosti Independent Analyst

S&P500 15-minute chart

S&P500 daily chart

Spot rate: 2,838.50
Relative change: -0.47%
High: 2,851.25
Low: 2,825.25

Trend: Bullish / Bearish reversal attempt below 2,852.00

Resistance 1: 2,845.00 supply/demand level
Resistance 2: 2,853.00 August 9 low
Resistance 3: 2,863.75 August 7 high
Resistance 4: 2,875.50 all-time-high
Resistance 5: 2,900 figure

Support 1: 2,825.00 August 3 low
Support 2: 2,810.00 demand level
Support 3: 2,798.50 July 30 low

Author

Flavio Tosti

Independent Analyst

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