S&P500 Technical Analysis: Stocks slide before the close

  • The S&P500 finished the day with a slide as the index made virtually a repeat of Wednesday’s trading.The S&P500 is losing steam as it is approaching the all-time-high at 2,875.50. Bulls objective is to push through 2,875.50 level in order to breakout into uncharted territory towards 2,900 figure. 
  • On the flip side, bears want to breakout below 2,852.00 (this Thursday low) in order to create a reversal down and target 2,845.00 and 2,835.25 August 6 low.
  • As the S&P500 is losing momentum below its all-time-high and the 200-period simple moving average (15-m) the bears have a fair chance in having a successful bearish reversal.
     

S&P 500 15-minute chart 

S&P 500 daily chart 

Spot rate:                  2,851.4
Relative change:       0.01%     
High:                         2,862.50
Low:                          2,852.00

Trend:                       Bullish / Bearish reversal attempt below 2,852.00

Resistance 1:           2,863.75 August 7 high
Resistance 2:           2,875.50 all-time-high
Resistance 3:           2,900 figure

Support 1:                2,853.00 August 9 low
Support 2:                2,845.00 supply/demand level
Support 3:                2,835.25 August 6 low
Support 4:                2,825.00 August 3 low

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