S&P500 Technical Analysis: Bulls looking at the 2,850.00 level

Flavio Tosti Independent Analyst

S&P500 daily chart

The S&P500 is trading above its main simple moving average suggesting bullish momentum.

S&P500 4-hour chart

The S&P500 is trading above its main SMAs suggesting bullish momentum in the medium-term.

S&P500 60-minute chart

The S&P500 is trading above its main SMAs suggesting bullish momentum in the short-term.
The break above 2,830.00 can lead to 2,850.00 and 2,890 resistances.
Support is at 2,830.00; 2,820.00 and 2,805.00 level.

Additional key levels

SP 500

Overview:
    Today Last Price: 2834
    Today Daily change: 9.25 points
    Today Daily change %: 0.33%
    Today Daily Open: 2824.75
Trends:
    Daily SMA20: 2787.06
    Daily SMA50: 2727.02
    Daily SMA100: 2679.67
    Daily SMA200: 2754.21
Levels:
    Previous Daily High: 2831
    Previous Daily Low: 2810.25
    Previous Weekly High: 2831
    Previous Weekly Low: 2746.5
    Previous Monthly High: 2814.25
    Previous Monthly Low: 2681.75
    Daily Fibonacci 38.2%: 2823.07
    Daily Fibonacci 61.8%: 2818.18
    Daily Pivot Point S1: 2813
    Daily Pivot Point S2: 2801.25
    Daily Pivot Point S3: 2792.25
    Daily Pivot Point R1: 2833.75
    Daily Pivot Point R2: 2842.75
    Daily Pivot Point R3: 2854.5

Author

Flavio Tosti

Independent Analyst

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.