S&P 500: technical analysis and trading recommendations_02/11/2021

 
 
 
 
 
 
 

Having reached a local low of 3884.0 on Wednesday, S&P 500 futures are traded near 3920.0 mark at the start of today's European session, trying to recover yesterday's losses and continue to rise.

In general, and above the key support levels 3397.0 (highs on the eve of the fall in February 2020), 3475.0 (ЕМА200 on the daily chart), the long-term positive dynamics of the S&P 500 remains.

The growth of the index is most likely to resume. A signal for this will be a breakdown of the local resistance level 3934.0.

In an alternative scenario, the decline in the S&P 500 after the breakdown of the support level 3802.0 (ЕМА200 on the 4-hour chart) will continue, which will increase the risks of further falling towards the support levels 3764.0, 3588.0, 3475.0.

A signal for this will be a breakdown of the support level 3874.0 (ЕМА200 on the 1-hour chart). A breakout of the support level 2950.0 (ЕМА200 on the weekly chart) will finally reverse the bullish trend of the S&P 500.

Support levels: 3874.0, 3802.0, 3764.0, 3588.0, 3475.0, 3300.0, 3230.0

Resistance levels: 3934.0, 4000.0

Trading recommendations

Sell Stop 3872.0. Stop-Loss 3910.0. Targets 3802.0, 3764.0, 3588.0, 3475.0, 3300.0, 3230.0

Buy by market, Buy Stop 3935.0. Stop-Loss 3890.0. Targets 4000.0, 4100.0