S&P 500 Price Forecast: Ready For A Bounce to the 3,440 Level

The S&P 500 closed at 3,340 after defending the 50-SMA on the daily chart. The bounce was notable, from 3,310 to 3,369 and bulls are now hoping to see a continuation move from this bounce. The last candlestick is fairly close to a bullish reversal hammer, however, bulls needed a bit more strength.

sp500

S&P 500 Daily Chart – TradingView

The last low of 3,310 is the new clear support, however, there is another strong support level at 3,200 formed on July 24 and retested almost one week later. As for resistance, bulls will be facing the last two highs at around 3,424 and then the 10-SMA at 3,440.  Above the 10-SMA, the path is clear towards 3,588.

S&P 500 Analysis: 4-Hour Chart

On the 4-hour chart, bears were able to set a downtrend after hitting a new lower high at 3,425 and a lower low at 3,310. The 10-SMA crossed bearishly with the 50-SMA and both will act as resistance levels in the short-term. The 100-SMA at 3,321 is now acting as a strong support level.

sp500 price

S&P 500 4-Hour Chart – TradingView

If we have a weak open today, the S&P 500 could slip below 3,310 and 3,300 into the 3,300-3,200 area of support. A strong open would boost the index towards 3,400. The RSI is quite low on the 4-hour chart which is usually a good indicator of an upcoming bounce.

It seems that stocks are already rising this morning following the last dip. However, it’s important to note that they are all facing stiff resistance levels. The dollar bounce could be nearly over, giving stocks a chance to recover entirely. The recent Brexit negotiations are closely being monitored by traders.

The S&P 500 did close positively on Friday as 7/11 sectors of the industrial technology closed higher. The Dow Jones also soared on Friday, but the NASDAQ Composite had a slight decline.

Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analyses!

In order to support and motivate the CryptoTicker team, especially in times of Corona, to continue to deliver good content, we would like to ask you to donate a small amount. Independent journalism can only survive if we stick together as a society. Thank you

nexo-logo

nexo-logo

Nexo – Your Crypto Banking Account

Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.

Ad

This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission – but the prices do not change for you! 🙂

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 


Posted By

Lorenzo Stroe


Skilled Journalist and Expert Financial Technology Writer successful at Creating Unique pieces that tell Intriguing stories.


Skip to content