Review
With yesterday’s close at 3760 points, the S&P500 index closed with a loss.
Today, the index moved even further down so far with -0.88%.
In the ongoing long-term downtrend, the price recently reached a high of around 3900 points.
After this high on 01.11. however, the price turned around again after a brief rise and has been falling since then.
The last low before that was marked at around 3490 points.
Outlook
The chart situation in the daily chart has changed quite a bit in the meantime.
In the area around 3800 points, a short-term relevant horizontal resistance has been established.
The next important support is found in the area of 3640 points.
If the price continues to stay above the support and respects it, this can be interpreted as a bullish signal.
However, if this is breached, we could see a downward movement towards 3600 points.
Otherwise, the price could rise to the aforementioned resistance. Should this be breached,
we could see another rise above 4000 points, otherwise the price could continue to hold at 3750 points.
