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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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