All it took was three weeks of nonstop rallying, and the index has set new all-time highs. At the time of writing, it was above 4,450 USD, up 0.35% on the day.

Remember a month ago, when indices were sliding, how suddenly everyone was panicking and talking about a significant correction? As always, they were wrong, and equities staged an impressive recovery, confirming the long-term uptrend. 

The index needs to settle above the 4,550 USD level and ideally make a daily close significantly above it to make a nice breakout. In that case, the next target will likely be at 4,600 USD, while the psychological level of 5,000 USD is getting closer and closer.

On the other hand, the important support could be found in the 4,485 USD area, where previous highs are located. Another demand zone is expected at the 50-day moving average near 4,445 USD. 

As long as the index trades above those two supports, the medium-term outlook seems bullish. The short-term trend also seems bullish as long as it stays above 4,440 USD.

Source: https://www.axiory.com/technical-analysis/sp500-at-record-highs

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About Author

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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