S&P500 Technical Analysis: US Stocks snap back up and close above 2,800.00 figure

The S&P500 had a strong bull move above 2,800.00 this Tuesday after last week crash.
Bulls seem determined to resume the bull trend and they will have to keep the market above the 200-day simple moving average in order to create a strong base.
The RSI, MACD and Stochastic indicators are recovering from oversold condition but bulls will need to reclaim the 100 and 50 SMA in order to get out of the woods.

Flavio Tosti Independent Analyst

S&P500 daily chart

Spot rate: 2,815.00
Relative change: 2.52%
High: 2,817.50
Low: 2,751.75

Main trend: Bullish
Short-term trend: Bearish

Resistance 1: 2,834.25 current October 10 low
Resistance 2: 2,853.00 August 9 low
Resistance 3: 2,863.75 August 7 high
Resistance 4: 2,877.00 January swing high

Support 1: 2,800.00 figure
Support 2: 2,763.50 July 11 low
Support 3: 2,718.75 April 17 high
Support 4: 2,710.00 October 11 low
Support 5: 2,700.00 figure
Support 6: 2,647.25 March 2 low

Author

Flavio Tosti

Independent Analyst

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