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S&P500 Technical Analysis: Stocks getting ready for a new bull leg

  • The S&P500 is in a bull trend.  
  • The S&P500 is trying to for form a double bottom with the September lows as bulls are attempting to find support near 2,900.00 figure. Bulls look ready to launch a new bull leg soon.
  • Resistances are to be expected near 2,917.00 August 29 high, the 2,939.50 level (all-time high) and 2,950.00 while support can be expected near 2,900.00 figure and 2,877.00 (January swing high).

S&P500 4-hour chart

Spot rate:                  2,889.00
Relative change:       -0.04%      
High:                         2,891.50
Low:                          2,863.00

Main trend:               Bullish

Resistance 1:           2,917.00 August 29 high
Resistance 2:           2,939.50 all-time high
Resistance 3:           2,950.00, 161.8% Fibonnacci extension (Aug-Sept, high/low)
Resistance 4:           3,000.00 round figure

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

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