Current trend

Last week, the S&P 500 index was trading in the green zone and grew by around 1.5%. Now the price is below the important resistance level of 8/8 Murray or 2773.4. If the instrument cannot consolidate above it in the near future, it will decrease to the level of 2753.9 or 6/8 Murray. IT sector and shares of companies engaged in the development sector were leading. Horton strengthened by +4.12%, while its competitor increased by 2.97%. Italy's debt problems do not bother investors, and some ECB representatives say the regulator is ready to curtail the monetary stimulus of the economy, as a result, USD has slightly decreased, which affected the stock market positively.

Trade disputes problems and the problems of protectionism policies became less important, but if the conflict escalates, the sales can begin, which will cause the S&P 500 to fall.

This week, the traders are focused on Fed’ meeting on interest rates and ECB. The possibility of US interest rate increase is above 70%; in this case, USD will be supported.

Support and resistance

Stochastic is around 98 points and reflects a possibility of a correction.

Resistance levels: 2773.4, 2783.2.

Support levels: 2763.7, 2753.9.

Trading tips

Short positions can be opened below the support level 7/8 or 2760.7 with the target at 2753.9 and stop loss 2773.4.

S&P500 index of the American stock exchange



TimeframeDay's Range
RecommendationsSELL STOP
Entry Point2760.0
Take Profit2753.9
Stop Loss2773.4
Support levels2753.9, 2763.7, 2773.4, 2783.2
SPX: general analysis

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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