Technical Analysis – S&P rally stalls near all-time highs
January 15, 2014 9:40 amVideo
Latest News
- Analysis of EUR/USD pair on May 31st. EU inflation supports the euro May 31, 2024
- Analysis of GBP/USD pair on May 31st. The PCE index also works against the dollar May 31, 2024
- USD/JPY: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- Technical Analysis – US 100 stock index might lose more in short-term May 31, 2024
- EUR/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: trading plan for the US session on May 31st (analysis of morning deals). The pound was bought in the area of 1.2706 May 31, 2024
- EUR/USD: trading plan for the US session on May 31st (analysis of morning deals). The euro continued to grow May 31, 2024
- EUR/USD. May 31st. The economic data stopped the bears again May 31, 2024
- GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro May 31, 2024
- Weekly Forex Outlook: 31/05/2024 – ECB cut might get eclipsed by BoC surprise and NFP May 31, 2024
- Cryptos consolidate as spot Ether ETF excitement fades – Crypto News May 31, 2024
- Technical Analysis – USDJPY may retest 157.70 May 31, 2024
- June forecast: Dollar index poised for growth May 31, 2024
- Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report May 31, 2024
- Forex forecast 05/31/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 31, 2024
- EUR/USD and GBP/USD: Technical analysis on May 31 May 31, 2024
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
The S&P 500 rally has currently stalled near the all-time highs hit on January 2nd when it reached 1845.75.
The market is now at an important point as the S&P consolidates at these all-time highs and it would be interesting to see if it will be able to sustain these gains to push above the 1845 level. Key resistance is definitely found at 1850 but once prices break above this level, a move higher will be accelerated to the 2000 level.
Based on technical studies, the trend is bullish, as prices are above the 20, 50 and 100-day moving averages, and all three are rising.
The market is above the trend line that rises from Oct 2013.
However, the RSI has declined, currently at 59 while the ADX indicates the uptrend has weakened, currently at 24.
Some weakness in the upward momentum can be expected in the short term. A downward correction should lead to support at 1810 (Jan 13 low) followed by 1755 (Dec 16 low and trend line support).
Fundamentally, the S&P is supported by bullish sentiment in the US economy, especially after the solid US retail sales data on Tuesday.
Related Posts: