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Technical Analysis – S&P 500 already at all-time highs looking to 1800-1850 next
November 18, 2013 9:17 amVideo
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(click to enlarge)
The S&P 500 is the most widely followed stock market index in the world as it tracks the performance of the US stock market.
Therefore, it is an important indicator of investors’ risk appetite in the world’s most important market, which can have a major effect on a big variety of assets in different countries.
The S&P 500 smashed its previous pre-crisis all-time high of October 2007 of 1576 this year and managed to close this Friday on 1798, with 1800 and 1850 the most probable next targets.
The Relative Strength Index at 67.3 is bullish but approaching overbought territory.
On any pullback, the index could find some support around the 21-day exponential moving average and the trendline around 1758.
Following that is the recent 8th November low of 1735 (support 1) and the previous 19th September high of 1726. If that area of support fails, the next support can probably be found at the 1639 level (Support 2), which is also close to the 200-day simple moving average.
Overall the trend is bullish, the index could be overstretched in the short-run but any weakness should probably be bought.
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