Wall Street closes higher and above a key support level at the end of a tough week

  • After a volatile week, the S&P 500 closes 1.73% higher and 0.77% in the black on Friday.
  • There is a key support/resistance level at 3,159.50 that the price closed above.

S&P 500 line chart

It has been an interesting week for equities as some traders and investors remain unhappy that the US administration cannot agree on the latest coronavirus stimulus bill. Elsewhere the US and China situation has not really escalated as the war of words cooled down. The saving grace was the FAANG stocks earnings releases, Amazon, Apple, Alphabet and Facebook all beat estimates. L Brands was the big winner as the company plans to cut annual costs by USD 400 million going forward. This is a crucial move considering it's facing a steep drop in revenue from disruptions caused by the COVID-19 pandemic. Shares rose 27.15%.

Looking at the chart below, the price is holding above a key previous wave high at the red horizontal line. There has been a lower high created this week but the price will only creat a lower high lower low pattern if 3,209.86 breaks to the downside. On the topside, the green line just below 3,300 is very important next week. If the resistance breaks the trend will be back in full swing and if the COVID package gets signed off on the weekend there could be a gap higher on Monday.

The indicators are looking very mixed. The Relative Strength Index is looking weak as it hangs below the 50 area. The MACD histogram is turning red but the signal lines are above the zero line for now which is not conclusive at all. Overall, this is still an uptrend the market is a short term consolidation phase and next week there could be an important break, so keep an eye on these levels.

S&P 500 technical analysis

Additional levels

SP 500

Today last price 3234.25
Today Daily Change -11.50
Today Daily Change % -0.35
Today daily open 3245.75
Daily SMA20 3209.78
Daily SMA50 3136.08
Daily SMA100 2931.7
Daily SMA200 3051.9
Previous Daily High 3252.5
Previous Daily Low 3204.5
Previous Weekly High 3293
Previous Weekly Low 3199.75
Previous Monthly High 3233.25
Previous Monthly Low 2936.5
Daily Fibonacci 38.2% 3222.84
Daily Fibonacci 61.8% 3234.16
Daily Pivot Point S1 3216
Daily Pivot Point S2 3186.25
Daily Pivot Point S3 3168
Daily Pivot Point R1 3264
Daily Pivot Point R2 3282.25
Daily Pivot Point R3 3312



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD consolidates, bulls eye push towards 0.7400

AUD/USD is currently trading just below Tuesday highs at 0.7369, as bulls eye a push towards the 0.7400 level. A significant improvement in global risk appetite gave AUD a boost on Tuesday and sets the currency up well for the coming Wednesday Asia session.


Gold consolidates above $1,800, hangs near four-month lows

Gold holds just above the $1,800 threshold while taking rounds close to four-month lows. The hopes of the US stimulus and recovery from the coronavirus (COVID-19) keep the gold bears hopeful. DJI30, S&P 500 closed at the record top, DXY eased.

Gold news

NZD/USD wavers around 2.5-year high below 0.7000 even as RBNZ’s Orr backs low interest rates

NZD/USD keeps the choppy trading above 0.6965, easing five pips off-late. RBNZ Governor Adrian Orr says low interest rates ensure NZD’s competitiveness. A light calendar in Asia highlights risk news for fresh impulse.


On-chain metrics spell trouble for Bitcoin, Ethereum, and XRP despite on-going bull rally

The top three cryptocurrencies are seeing massive gains over the past few days. BTC price is close to its all-time high, currently trading at $19,300. XRP had a massive 242% colossal rally in the past week. ETH also closely following BTC's step.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info