S&P500 technical analysis: US Stocks having a sharp rebound on Tuesday - Can 2,890.00 be next for bulls ?

Flavio Tosti Independent Analyst

S&P500 daily chart

The S&P500 Index is trading in a bull trend above its 200-period simple moving averages (SMA). The market found some support above the 2,800.00 figure this Tuesday.

S&P500 4-hour chart

The market is trading below its main SMAs suggesting bearish pressure in the medium term.

S&P500 30-minute chart

The Index pushed higher throughout the day and is about to close above the 50 and 100 SMA. Bulls seem to be back and they will need to trade beyond 2,853.00 resistance to reach 2,890.00 and 2,940.00 to the upside. Support is at the 2,820.00 and 2,800.00 price level.

Additional key levels

SP 500

Overview
Today last price	2838.75
Today Daily Change	31.00
Today Daily Change %	1.10
Today daily open	2807.75

Trends
Daily SMA20	2910.61
Daily SMA50	2868.4
Daily SMA100	2781.17
Daily SMA200	2770.43

Levels
Previous Daily High	2860
Previous Daily Low	2801.75
Previous Weekly High	2937.75
Previous Weekly Low	2825
Previous Monthly High	2954.75
Previous Monthly Low	2850.25
Daily Fibonacci 38.2%	2824
Daily Fibonacci 61.8%	2837.75
Daily Pivot Point S1	2786.33
Daily Pivot Point S2	2764.92
Daily Pivot Point S3	2728.08
Daily Pivot Point R1	2844.58
Daily Pivot Point R2	2881.42
Daily Pivot Point R3	2902.83

Author

Flavio Tosti

Independent Analyst

EUR/USD stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.