A TECHNICAL UPDATE ON S&P 500 INDEX –25.9.2021

 

S&P 500 INDEX

Open---4438.04---High---4463.12---Low---4430.27---Close---4455.48---on 24.9.2021.

Support: 4435.46/4429.97/4393.68/4367.73/4305.91/4289.37/4233.13/4167.50

4164.40/4128.43/4118.38/4061.41/4056.88/3990.31/3886.75/3853.50/

Resistance:4465.40/4468.99/4480.26/4486.87/4501.71/4537.36/4545.85/4611.11/4637.51/4694.13.

(Bold and underlined figures are most important)

It hit an all-time high of 4545.85 on 2.9.2021 and then started correcting and made a recent bottom of 4305.91 on 20.9.2021. It is still into corrective mode but pullback rally is on and it could come out of corrective mode if it closes above 4503.81 and sustain then it could retest it all-time high of 4545.85 or may go beyond it also. Moving up further from 4545.85 levels, it will face very stiff resistance in the range of 4553---4600(figures may change daily). It is important to mention here that some important technical indicators are showing distinct weakness on the daily & weekly chart as of now which is highly concerning therefore it seems that the up journey from here may not be smooth. Furthermore its long term uptrend threshold point range is between 4276---4090(figures may scale up every day) and sustained break below this range will potentially threaten the uptrend and finally break below 3990.31 (figure may change) will push it into long term corrective mode which may be kept in mind. Please note that it did come near to the threshold point upper band but bounced back. In view of the above observation, it is suggested to be alert in long trade below 4276 and exit long position if it closes below 4090 and sustain.

REMARKS:--The overall bias is mixed with slight tilt towards downside as of now. Therefore it is suggested to be cautious particularly in the long trade.

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.