S&P500 technical analysis: Week-long consolidation sees 2,880.00 support holding

The S&P500 spent the week in consolidation mode just above 2,880.00 support
The level to beat for bulls is the 2,910.00 resistance.

Flavio Tosti Independent Analyst

S&P500 daily chart

The S&P500 Index is consolidating the gains of the last weeks below the 2,900.00 handle. The market remains bullish above its main daily simple moving averages (DSMAs).

S&P500 4-hour chart

The stock index is trading above its main SMAs suggesting bullish momentum in the medium term. Bulls are looking for a break above 2,910.00 to reach 2,940.00 and 2,960.00. Immediate support can be located at 2,880.00 and 2,840.00.

Additional key levels

SP 500

Overview
Today last price	2891.25
Today Daily Change	-3.00
Today Daily Change %	-0.10
Today daily open	2894.25

Trends
Daily SMA20	2833.99
Daily SMA50	2874.09
Daily SMA100	2832.59
Daily SMA200	2763.35

Levels
Previous Daily High	2895.5
Previous Daily Low	2867.25
Previous Weekly High	2885.5
Previous Weekly Low	2729.25
Previous Monthly High	2959.75
Previous Monthly Low	2749.75
Daily Fibonacci 38.2%	2884.71
Daily Fibonacci 61.8%	2878.04
Daily Pivot Point S1	2875.83
Daily Pivot Point S2	2857.42
Daily Pivot Point S3	2847.58
Daily Pivot Point R1	2904.08
Daily Pivot Point R2	2913.92
Daily Pivot Point R3	2932.33

Author

Flavio Tosti

Independent Analyst

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.