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S&P 500 Technical Analysis - S&P 500 Trading: 2020-12-04
S&P 500 Index Technical Analysis Summary
Above 3682.09
Buy Stop
Below 3551.54
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
S&P 500 Index Chart Analysis
S&P 500 Index Technical Analysis
The SP500 technical analysis of the price chart on the daily timeframe shows the SP500: D1 is rebounding above the 200-day moving average MA(200) which is rising itself.
The SP500 forecast is bullish according to the SP500 index chart analysis. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 3682.09. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 3551.54. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic SAR indicator signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (3551.54) without reaching the order (3682.09), we recommend canceling the order: the market has undergone internal changes which were not taken into account
Fundamental Analysis of Indices - S&P 500 Index
US economic data were mostly positive recently. Will the SP500 Index rebound continue?
US economic data of the recent week were positive on balance. New jobless claims filed last week in US were lower than expected, and US manufacturing and services sectors continued their expansions - albeit at slower rates. Thus, the US Labor Department reported 712 thousand Americans sought unemployment benefits over the last week, down from 787 thousand the previous week. And the Institute for Supply Management’s manufacturing activity index came in at 57.5 for November, after a reading of 59.3 for October. Readings above 50.0 indicate industry expansion, below indicates contraction. At the same time the ISM services PMI came in at 55.9 after 56.6 in October. And US lawmakers are negotiating an agreement on a new stimulus for US economy. Democratic leaders have backed a $908 billion bipartisan proposal, and while Senate Majority Leader Mitch McConnell has yet to accept it president Trump said Thursday "I believe we are getting very close to a deal." Positive US data are bullish for SP500.
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