S&P 500 technical analysis: Difficult to short

S&P 500 technical analysis shows that index could rally towards the 3,700 level. Negative MACD price divergence is currently present until 3,190.

S&P 500 analysis shows that the index recently hit a new all-time trading high as bullish sentiment towards US stocks grows.

Current technical analysis of the S&P 500indicates that the breakout in the index could just be warming up. With the 3,700 level a possible upside target.

S&P 500 medium-term price trend

S&P 500technical analysis shows that the index is trading close to its all-time price high, following a wide-spread rally in US equity markets.

The 0'>S&P 500 has also broken above trendline resistance from a rising wedge pattern, confirming the bulls’ intention to take the index higher over the medium-term.

S&P 500 technical analysis

The daily time frame is showing that a bullish inverted head and shoulders pattern still remains in play, and has yet to reach its upside target.

The overall upside objective of the bullish reversal pattern would take the S&P 500 towards the 3,700 level.

Although the target is still far away, it still remains within the realm of possibility, given the broader uptrend in the index and US equities.

What is your sentiment on US500?

3916.9
Bullish
or
Bearish
Vote to see community's results!

S&P 500 short-term price trend

S&P 500 technical analysis shows that the index remains bullish on all fronts and is trading above all key moving averages.

The four-hour timeframe is showing that bearish MACD divergence is extending down towards the 3,1900 technical area.

S&P 500 technical analysis: Difficult to short

Short-term traders may be reluctant to sell the 0'>S&P 500 given that the index has just hit a fresh all-time high.

It is likely that a bearish fundamental catalyst of bearish price pattern is needed at this stage before short sellers will return.

From a strategic point of view, buying dips in the index is still attractive. A reversal of the negative MACD divergence may provide bulls with a new short-term long entry.

S&P 500 technical summary

0'>S&P 500 analysis suggests that the index may rally towards the 3,700 level. Bearish MACD divergence is, however, present on the lower time frames.

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image