Current trend

S&P 500 index is trading near the support level of 2847.9, after the breakdown of which the next target will be 7/8 Murrey or 2481.8.

A slight decrease is due to the news about the reciprocal taxes on American goods from China. On the other hand, giants such as Alphabet, Facebook, Amazon, and Microsoft continue to trade in the green zone, which should support the instrument and keep it from a strong correction. Yesterday, the healthcare sector also traded in the positive area, as the capitalization of CVS Health increased after data showing more profit than analysts had expected were published.

Today, the key news are expected: Consumer Price Index and July Monthly Budget Statement.

Support and resistance

Stochastic is at the level of 15 points and reflects a possibility of a correction.

Resistance levels: 2861.3, 2866.5.

Support levels: 2481.8, 2836.5.

Trading tips

Long positions can be opened from the level 2481.8 with the target at 2866.5 and stop loss 2836.5.

S&P500 index of the American stock exchange

BuySellSpread
2604.22598.656

Scenario

TimeframeWeekly
RecommendationsBUY STOP
Entry Point2481.8
Take Profit2866.5
Stop Loss2836.5
Support levels2836.5, 2481.8, 2861.3, 2866.5
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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