Back to Blog

S&P 500: Continuation of the rebound

The S&P 500 hovered between 1495 and 1531 in the past week, as the market still consolidates above the key psychological level of 1500. At 1.518 at the time of writing, the market is recovering the losses made on Wednesday and Thursday with the bulls set to push for the continuation of the rebound. With the RSI above its neutrality area on the 30 min chart, the outlook for the day remains in line with the long-term bullish bias in the market. The upside penetration of 1522 would open the door for 1526 and 1530. In the alternative scenario, we would need to see a consistent break below 1503 in order for the bears to take the upper hand, but this is hard to imagine at the moment. On the economic data front, things are quiet today with traders eyeing the swathe of US figures duo for release tomorrow.

Dafni Serdari
Disclaimer
The comment in this blog is the personal opinion of the contributors and not InterTrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. InterTrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

Share this post

Back to Blog

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading these products with this provider.
You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.