A TECHNICAL UPDATE ON S&P 500 INDEX –1.10.2023

 

S&P 500 INDEX

Open—4328.18--High—4333.15—Low—4274.86—Close—4288.05 on 29.9.2023.

Support:4261.07/4238.63/4222.62/4195.44/4157.87/4114.65/4098.92/4048.28/3909.16/3877.29/3858.83/3808.86/3764.49/3721.56/3698.15/3636.87/3584.13/3491.55.

 Resistance:4328.08/4342.09/4356.29/4385.05/4400.45/4465.40/4486.87/4512.94/4541.25/4545.85/4607.07/4637.30/4718.50/4743.83/4748.83/4818.62.

 (Bold and underlined figures are most important)

Its overall long term technical setup has been threatened a bit as it is below some of its long term moving averages but still looks o.k. as of now, but further fall from here could be a weak sign. It is into short term correction mode, further almost all important technical indicators are negative on the daily & weekly chart and some on the monthly chart also, which indicates further fall may be ahead in coming days/weeks. Please note that break below 4198.70 will push it into long term corrective, which would be highly concerning and can drag it down lower but moving down it will find very strong support in the range of 4048---3805 and as long as it holds 3805 chances of up move will be alive, but sustained break below it could take it down to much lower levels.

Kindly note that to get out of long term uptrend threat, corrective mode and to gain some strength again it has to move above 4360 and sustain on the closing basis, then it can be expected that it may catch up momentum again and if it moves above 4553.21 and sustain on the closing basis then it could retest its all-time high of 4818.62 or may go beyond it also, chances of which looks slim at this point of time.

It is into correction mode now but long term uptrend still looks o.k. despite threat, it is therefore suggested to watch price action now because if price action weakens the long term uptrend will be potentially threatened, which please note.

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.