Bullish S&P500 weekly Technical analysis


The S&P did not record a gain or a loss on Tuesday through two decimal places at 2,268.90. Here is the S&P500 weekly Technical analysis.

11 January, AtoZForex – The last time the index closed a trading day flat was Jan. 3, 2008. The S&P 500 surged 0.46 percent to 2,279.27 at its session high, about 0.12 percent far from the all-time intraday high it touched Friday. Earlier in 2008, the benchmark index had gone nearly 11 years without relocation an unchanged day. Since 1980, the S&P has recorded just 10 unchanged trading sessions.

11sandp S&P 500 day chart

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S&P500 weekly Technical analysis

This week, I expect the S&P 500 to reach the target of 2,300-2,320 points. The economy to keep expanding in the U.S. and recover constantly abroad even despite geopolitical and populist barriers. The technical indicators and moving averages signify strong buy for the index in the weekly basis. Most noteworthy, the relative strength index is 63.749 which is ‘BUY’ and STOCH(9,6) display value of 88.692 which means overbought level. According to Moving average convergence and divergence analysis MACD (12,26) value is 46.020 gives ‘BUY’ signal. In addition, the ultimate oscillator indicator display value of 57.269 which again signify ‘BUY’. The ATR(14) shows the S&P 500 is less volatile and value is 40.2650.

11sp500-technical S&P500 Technical charts (MACD, RSI and Bollinger band) (click to view)

 

The S&P 500 ended flat on Tuesday, as we found plenty of support just below. The area just below is massively supportive, and the 2250 level below is essentially a strong support for the index. The S&P 500 Index should continue to go much higher, perhaps reaching towards 2300 points next. Traders should keep in mind that the US economy is doing better than most others. Furthermore, economic confidence in the United States continues to hike, just as the labor market is opening to look better. Hence, according to my analysis that US indices continue to go higher and the S&P 500 will be no different.

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