8 Aug 2019
S&P500 Index technical analysis: US stocks rise sharply to the 2,930.00 level
- The S&P500 gains some momentum as the trade war tensions are easing.
- The levels to beat for bulls are at the 2,930.00 and 2,970.00 resistances.
S&P500 daily chart
The S&P 500 Index broke above the 2,900.00 handle and rose near the 2,930.00 level and the 50-day simple moving average (DSMA).
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S&P500 4-hour chart
The market could have a small correction down as it almost reached the 50 SMA on the 4-hour chart. Immediate support is seen at the 2,910.00 and the 2,890.00 level.
S&P500 30-minute chart
Bulls will likely try to overcome the 2,930.00 resistance to reach 2,970.00 and 3,020.00 on the way up.
Additional key levels