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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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