S&P 500 Price Analysis: No close above the significant 3,233.25 resistance zone for now
- The S&P 500 closed 0.91% higher in the cash market on Wednesday.
- The market was lead by travel companies with the Royal Caribbean Cruise share price outperforming.
S&P 500 4-hour chart
The S&P 500 was once again bullish as the market rallies off the back of the Moderna vaccine story. All three of the major US bourses closed higher with the S&P the at the top of the leaderboard as the recovery was broad-based and not only in the tech sector.
Looking at the 4-hour chart below, the price is very close to the high from 8th June of 3,233.25. The price did briefly print above the area but it did not last too long as there was not enough momentum for the bulls to keep pushing higher.
If the market does continue to move lower there is good support at the red support level near 3,148.84. Beyond that, the next meaningful support is the green uptrend line. The indicators are both also looking bullish. The Relative Strength Index is conclusively above the 50 area and there is room to move on the upside. The MACD histogram is green and the signal lines are also above the mid-point which is positive.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
