S&P 500 Index Chart Analysis

  • S&P has recovered strongly in a continued rally. However momentum seems to have simmered off with market now exhibiting some sideways price action.

  • Market participants are on the fence on whether another correction will play out in the market due to credit issues stemming from the lack of demand and seemingly unsustainable stimulus by governments to support businesses.

  • The moving averages are pointed sideways signalling uncertainty. The next resistance level would be 3000 which is a psychological number. If price gets rejected, it could be the start of a down move. Should prices break above, traders can wait for a pullback to join in the upward trend.


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