What’s inside:
- S&P 500 60-minute chart in focus
- Key short-term support and resistance levels/lines outlined
Yesterday, we discussed the nature of US markets and the glaring divergence between the major indices and its possible implications from a broad standpoint. (For more, you can check out Tuesday’s piece here.) Today we take a look at the 60-minute chart and note key trading levels.
During Tuesday’s session the market stopped short of the 11/10 spike high at 2182, which turned out to be a failure to hold above the 9/22 swing high. On a clean push above the 11/10 high we won’t have to look far for the next level of resistance at the 9/7 high of 2188. Beyond there, record highs come into focus at 2194.
On the down-side, a sharply angled rising trend-line rises up from not far below where the S&P closed yesterday’s session. (At this time, futures are down over 7 handles, suggesting an open below barring a return towards unchanged prior to the 9:30 EST open.) The next area of solid support to look to is in the 2151/55 zone. Below there a backside test of the 9/7 trend-line (~2147). 2123/26 is noted, but not likely to be seen in the very short-term.
S&P 500: 60-minute
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---Written by Paul Robinson, Market Analyst
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