S&P 500 Index - Short to Medium-term price chart analysis
The Index had a similar price pattern as Nasdaq 100; however, the price swings are more erratic, as indicated in the 30 minutes price chart. The Index retreated to the bottom of the price channel and bounced off in Friday's trading session at 2784.00, a critical retracement level and managed to closed above 2844.00 support. Another interesting point is that the Index was supported at the long-term price channel, which could be a great support base for the upcoming sessions.
Short to the medium-term trend direction is still in favour of the upside; however, we might continue to see price fluctuations in a similar manner that occurred in last week's session.
The critical price points to keep an eye in next week's session are estimated at the following area:
Support - 2844.00, 2820.00, and 2784.00
Resistance - 2880.00, 2920.00, and 2940.00
The Index had a similar price pattern as Nasdaq 100; however, the price swings are more erratic, as indicated in the 30 minutes price chart. The Index retreated to the bottom of the price channel and bounced off in Friday's trading session at 2784.00, a critical retracement level and managed to closed above 2844.00 support. Another interesting point is that the Index was supported at the long-term price channel, which could be a great support base for the upcoming sessions.
Short to the medium-term trend direction is still in favour of the upside; however, we might continue to see price fluctuations in a similar manner that occurred in last week's session.
The critical price points to keep an eye in next week's session are estimated at the following area:
Support - 2844.00, 2820.00, and 2784.00
Resistance - 2880.00, 2920.00, and 2940.00