A TECHNICAL UPDATE ON S&P 500 INDEX –4.7.2021

 

S&P 500 INDEX

Open---4326.60---High---4355.43---Low---4326.60---Close---4352.34---on 2.7.2021.

Support:4287.04/4257.16/4241.43/4208.41/4164.40/4128.43/4118.38/4061.41/4056.88/3983.873950.43/3886.75/3853.50/3805/3789.54/3749.62/3723.34/3694.12/3662.71/3633.40/3588.11/3544.82/3405.73.

Resistance:4355.40/4407.25/4531.50/4557.33/4824.27/5337.81.

(Bold and underlined figures are most important)

Further to my last post of 20.6.2021, it recovered sharply and moved above its critical point of 4210 and hit a new all time high of 4355.43 and also bounced back above its short and medium term moving averages but it is still just below its major rising trend line drawn from the bottom of 2191.86 made on 23.3.2020, the trend line is placed at 4385(it will rise every day) for 5.7.2021 and one important technical indicator is showing weakness on the weekly chart these two are the weak link in it but pricewise it is showing robust strength for the continuation of the up move, which is positive sign. So moving up from here its critical resistance or target points could be at-4355.40---4407.25---4531.50---4557.33---4824.27---5337.81. Similarly moving down its critical support points would be at 4284.97---4199.36---4084.98(figures can scale up if it hits new all time high). Please note that sustained break below 4284.97 on he closing basis could push it into very short correction, sustained break below 4199.36 could push it into deep short term correction mode and sustained break below 4084.98 could push it into medium term correction mode.  

The long term bias is strongly up and short term outlook is also positive but since it is making new high every other day therefore be cautious henceforth because it could correct any time.   

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.