S&P500 Technical Analysis: Bulls keep the market upbeat near 2018 highs

• The S&P500 is progressing in a bullish channel with rising and widening simple moving averages (SMA).  
• The market is in a strong bull trend as investors are buying any pullbacks and the Index is shooting up in uncharted territories.  
• Targets can be located near 2,917.00 (August 21-22 bear leg 261% Fib. extension) and 2,930.00 figure.  

S&P500 daily chart

Spot rate:                  2,907.50
Relative change:       0.05%      
High:                         2,912.25
Low:                          2,902.25

Main trend:               Bullish

Resistance 1:           2,917.00, August 21-22 bear leg 261% Fib. extension  
Resistance 2:           2,930.00 figure
Resistance 3:           2,950.00 figure

Support 1:           2,900.00 figure
Support 3:           2,877.00 January swing high
Support 4:           2,863.75 August 7 high
Support 5:           2,853.00 August 9 low