S&P500 - UP, UP, AND AWAY
S&P 500 fell 0.94% during yesterday’s session as investors’ concerns deepen over the U.S.-China trade tensions and slower global economic growth.
For instance, The Dow Jones Industrial Average DJIA fell -0.87%, while the Nasdaq Composite Index COMP moved 1.18% lower.
CNBC reported that a meeting between President Donald Trump and China’s Xi Jinping will probably not take place before the March 1st deadline. It is unlikely, however, that Trump’s administration will raise tariffs to 25% as scheduled. Currently, they sit at 10%.
Looking at the H4 chart, the index had spent the second part of January trapped within a symmetrical triangle. Before the end of the month, the price pushed through the triangle resistance and has created the 2-month high of $2,736.8.
The price stopped just below the 200 daily moving average. In addition, the 88.6% Fibonacci retracement level sits just above the 200 DMA. The trend line resistance, (the light blue line), comes around $2,790.
The S&P 500 has found support in the 200 H1 moving average. Thus, the price closed yesterday’s session while sitting in between 100 and 200 moving averages on the hourly chart.
Further lower, a major short-term resistance can be seen in the confluence of the rising trend line (the red line), and former triangle resistance and support. All three trend lines currently sit in the $2,655 - $2,665 range.
For instance, The Dow Jones Industrial Average DJIA fell -0.87%, while the Nasdaq Composite Index COMP moved 1.18% lower.
CNBC reported that a meeting between President Donald Trump and China’s Xi Jinping will probably not take place before the March 1st deadline. It is unlikely, however, that Trump’s administration will raise tariffs to 25% as scheduled. Currently, they sit at 10%.
Looking at the H4 chart, the index had spent the second part of January trapped within a symmetrical triangle. Before the end of the month, the price pushed through the triangle resistance and has created the 2-month high of $2,736.8.
The price stopped just below the 200 daily moving average. In addition, the 88.6% Fibonacci retracement level sits just above the 200 DMA. The trend line resistance, (the light blue line), comes around $2,790.
The S&P 500 has found support in the 200 H1 moving average. Thus, the price closed yesterday’s session while sitting in between 100 and 200 moving averages on the hourly chart.
Further lower, a major short-term resistance can be seen in the confluence of the rising trend line (the red line), and former triangle resistance and support. All three trend lines currently sit in the $2,655 - $2,665 range.
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