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Technical Analysis – US 500 index jumps above rising trend line again after negative gap
December 10, 2018 3:26 pmVideo
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The US 500 index is trying to recover ground as it opened with a negative gap today. The price is climbing above the rising trend line, continuing the bullish outlook. The RSI is standing below the neutral threshold of 50 and pointing higher, detecting accelerating positive momentum. However, the moving averages completed a “death cross” on the daily chart – the 50-SMA crossed the 200-SMA to the downside.
Further upside pressures could drive the price towards the next resistance of the 61.8% Fibonacci retracement level of the upward movement from the low on February 6 to the high on September 21, around 2687. A break above this level could move the market towards the next resistance area of the 50.0% Fibonacci region of 2735.
On the flipside, a downside retracement and a break of the diagonal line could meet support at the 2600 hurdle, shifting the bullish outlook to a more neutral one. A downside break may open the way for the 2552 zone, the April 2 trough, before the February 6 bottom of 2532 comes into view.
Overall, the long-term picture appears positive at the moment as the price returned back above the uptrend line.
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