S&P500 SPX Technical Analysis: The end of the decline

American session, date: 07/18/2024

Introduction and overview

After the decline that we witnessed in the S&P 500 index yesterday, today there are technical indicators indicating the end of this decline and the emergence of positive signs of a future rise. Currently, the S&P 500 is trading at $5,610. In this technical report we will analyze the current price action and take a look at the main technical indicators that support a potential bullish scenario. Technical indicators show that the price of the S&P 500 is experiencing weakness across most of its moving averages, which is an indication of a previous decline in prices. However, the MACD indicator indicates the emergence of weakness in the downtrend, which enhances the possibility of the end of the decline and the beginning of the formation of a new uptrend.

S&P500 SPX Technical Analysis

Trading strategies based on Buy/Sell levels

SP500 In case of buying in case of selling
Entry point 5623 5599
Target Point 1 (TP1) First resistance: 5654 First support: 5565
Target Point 2 (TP2) Second resistance: 5695 Second support: 5515
Stop Loss (SL) 5599 5595

 

Conclusion

Based on the technical analysis of the S&P 500 index, we find that the market is showing signs of a potential rise in the coming sessions, supported by the MACD indicator and a decline in previous selling pressure. Traders should carefully monitor market developments, identify key support and resistance levels to determine their strategies based on technical analysis and upcoming fundamental events.

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