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6 Aug 2019
S&P500 Index technical analysis: US stocks print the largest daily advance since January 2019
- The S&P500 rebounds sharply as the trade war tensions are easing.
- The levels to beat for bulls are at the 2,890.00 and 2,910.00 resistances.
S&P500 daily chart
The S&P 500 Index is enjoying its best day of the year while only yesterday (Monday) the market suffered its worst. The PBoC (People's Bank of China) said it wanted the yuan to trade at a higher-than-expected level against the US Dollar. The news helped eased tensions about China using the yuan as a weapon in the ongoing Sino-American trade war.
S&P500 4-hour chart
Bulls managed to create quite a recovery while the market is trading below its main simple moving averages (SMAs). Immediate support is seen at the 2,848.00 and the 2,814.00 level.
S&P500 30-minute chart
The market is challenging the 100 SMA suggesting a pullback up in the near term. Bulls will likely try to overcome the 2,890.00 resistance to reach 2,910.00 and 2,930.00 on the way up.
Additional key levels