S&P500 technical analysis: US stocks losing steam below the 3,000 big figure

The S&P500 is retracing down below the 3,000 big figure.
Immediate supports are seen at 2,950 and 2,910.

Flavio Tosti Independent Analyst

S&P500 daily chart

The S&P500 is retreating from below the 3,000 big figure. A break above that level is necesarry for market to continue to travel towards the 3,010 and 3,045 level.

S&P500 4-hour chart

The market is trading above its main simple moving averages (SMAs), suggesting bullish momentum. However, in the event that the bulls fail, support is at the 2,950 level. If that level doesn’t hold, further down, 2,910 can be the next support.

Additional key levels

SP 500

Overview
Today last price	2977
Today Daily Change	-11.25
Today Daily Change %	-0.38
Today daily open	2988.25

Trends
Daily SMA20	2868.36
Daily SMA50	2878.35
Daily SMA100	2849.36
Daily SMA200	2763.6

Levels
Previous Daily High	3000.5
Previous Daily Low	2968
Previous Weekly High	3000.5
Previous Weekly Low	2952.25
Previous Monthly High	2965
Previous Monthly Low	2729.25
Daily Fibonacci 38.2%	2980.42
Daily Fibonacci 61.8%	2988.08
Daily Pivot Point S1	2970.67
Daily Pivot Point S2	2953.08
Daily Pivot Point S3	2938.17
Daily Pivot Point R1	3003.17
Daily Pivot Point R2	3018.08
Daily Pivot Point R3	3035.67

Author

Flavio Tosti

Independent Analyst

EUR/USD trims losses, flirts with the 1.1850 zone

EUR/USD is back on the back foot on Wednesday, slipping below the 1.1850 area as the US Dollar picks up some modest traction. The move comes as traders position ahead of a busy run of US data and the release of the FOMC Minutes. Adding to the pullback are reports that the ECB’s Lagarde may step down before completing her term.

GBP/USD flirts with daily highs near 1.3580

GBP/USD manages to set aside two consecutive daily declines and trades with slight gains in the 1.3580 zone on Wednesday. Cable’s uptick comes despite acceptable gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.