S&P 500 key levels and scenarios
After Monday's reversal-looking candle, all eyes today will be on whether the bulls will be able to take charge and further erode the bears' control.
Earlier, weaker PPI data helped to fuel a rise in US futures, but since then we have seen a bit of a pullback from the highs, although nothin too alarming so far.
Key support to watch include Monday's high at 5843, followed by 5831. A daily close below this 5831-5843 area would be a bearish development. In that scenario, a drop to take out liquidity below Monday's range would then become a likely scenario.
Key short-term resistance comes in around 5873-5882 (shaded in grey). A daily close above this area could signal a trend resumption.
By Fawad Razaqzada, market analyst with FOREX.com
Earlier, weaker PPI data helped to fuel a rise in US futures, but since then we have seen a bit of a pullback from the highs, although nothin too alarming so far.
Key support to watch include Monday's high at 5843, followed by 5831. A daily close below this 5831-5843 area would be a bearish development. In that scenario, a drop to take out liquidity below Monday's range would then become a likely scenario.
Key short-term resistance comes in around 5873-5882 (shaded in grey). A daily close above this area could signal a trend resumption.
By Fawad Razaqzada, market analyst with FOREX.com
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