HomeContributorsTechnical AnalysisS&P 500 Attempts to Rebound

S&P 500 Attempts to Rebound

The S&P 500 rallied after Fed Chair Powell avoided appearing hawkish in his latest remarks. The rally hit a bump in the former demand zone (3950) from December. Selling by previously trapped bulls weighs on the near term price action. If renewed buying could overpower this resistance, the index may progress towards 4050 which is just a springboard to the recent peak at 4120. In the meantime, the upper band (3850) of the previous consolidation range is the closest support, and 3800 a critical level to keep the recovery bias intact.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading