S&P500 Technical Analysis: Deeper correction can be around the corner

  • The S&P500 Index is in consolidation phase after making new all-time-highs in the last weeks.  
  • The Index is holding above 2,877.00 January swing high and the bull trendline which is rather bullish.
  •  However, the RSI, MACD and Stochastics indicators are starting to show some sign of weakness and a deeper correction might be just around the corner with 2,853.00 (August 9 low) as support to the downside.

S&P500 daily chart

Spot rate:                  2,879.50

Relative change:      0.25%     
High:                         2,888.00
Low:                          2,876.00

Main trend:               Bullish

Resistance 1:           2,900.00 figure
Resistance 2:           2,917.00 all-time-high
Resistance 3:           2,930.00 figure
Resistance 4:           2,950.00 figure

Support 1:           2,877.00 January swing high
Support 2:           2,863.75 August 7 high
Support 3:           2,853.00 August 9 low

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