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SP 500 Daily Technical Analysis | 17 January 2018

2018-01-16 11:25 pm | Resource: Technical Analysis | No Views : 181

Time frame Used - four hours
The S & P 500 is moving in a bullish direction in the near term
the purchasing power managed of control over the S & P 500 index movement to penetrate the resistance level of 2758 to reach the highest level of 2804 to face resistance and pressure selling pushed it  to back down to 2768 level forming a positive candlesticks pattern
 And looking at the technical indicators
Both the RSI and the Stochastic are pointing to the continuation of the indicators below
Accordingly, we expect the index to bounce back up to target level of 28004 then 2864
 Alternative scenario is that the decline S & P 500 index to the level of 2769-2758 again
Resistance: 2800 - 2864
Support: 2769 - 2747
Direction: Up

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