S&P500 Technical Analysis: Stock market remains weak after Wednesday’s sell-off

0
  • The S&P500 has almost erased the last three months of trading in about two weeks.
  • The S&P500 continued the sell-off started on Wednesday although some buying interest was there above 2,700.00 figure. The RSI, MACD and Stochastic indicators are in negative territories suggesting further weakness.
  • There is no sign of a bottom and the bear momentum remains for the moment intact with supports seen near 2,718.75 (April 17 high) and 2,710.00 (October 11 low).

S&P500 daily chart

Spot rate:                  2,744.50
Relative change:      -0.74%     
High:                         2,794.9
Low:                          2,708.8

Main trend:               Bullish
Short-term trend:      Bearish

Resistance 1:           2,763.50 July 11 low
Resistance 2:           2,800.00 figure
Resistance 3:           2,834.25 current October 10 low
Resistance 4:           2,853.00 August 9 low
Resistance 5:           2,863.75 August 7 high
Resistance 6:           2,877.00 January swing high
 
Support 1:                2,718.75 April 17 high
Support 2:                2,710.00 October 11 low
Support 3:                2,700.00 figure
Support 4:                2647.25 March 2 low

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.