Superior broker technology provider since 2010
+1 (315) 675 1086 | Sales@YourOwnBrokerage.com

Encounters Resistance at 4200 Level


The 50-Day EMA serves as a crucial support level, located around the 4125 level.

  • During Wednesday’s trading session, the S&P 500 experienced a slight pullback, encountering resistance around the 4200 level.
  • This psychologically significant figure has attracted attention and contributed to the current noisy behavior in the market.
  • Despite this, the S&P 500 continues to witness a strong presence of buyers, suggesting a potential reversal and further upside movement.
  • In other words, you are looking for value on dips so you can take advantage of the overall “permeable” attitude out there in the market now, economy be damned.
Advertisement

image

The 50-Day EMA serves as a crucial support level, located around the 4125 level. Many market participants commonly rely on this indicator, making it an area of particular interest. Additionally, the 4100 level and the 200-Day EMA could also prove to be important support zones. Although the market is currently in a pullback phase, it is expected that buyers will reenter the market to take advantage of more favorable prices.

It is crucial to exercise caution and avoid being the first to jump in. Instead, traders can look for momentum shifts as potential entry points. On the upside, a break above Tuesday’s session highs may lead to a retest of the 4300 level. The 4300 level has previously acted as a resistance point, potentially serving as a short-term ceiling. Any movement beyond that level would signify a more bullish sentiment, transforming the S&P 500 into a “buy-and-hold” market. Overall, the market is currently characterized by noise and volatility. However, the underlying trend suggests further upward movement unless there are significant changes or increased attention to the Federal Reserve’s actions on Wall Street.

At the end of the day, the S&P 500 has encountered resistance around the 4200 level, contributing to a slight pullback and increased market noise. Despite this, the presence of buyers remains evident, hinting at a potential reversal and continued upward momentum. The 50-Day EMA, 4100 level, and 200-Day EMA serve as notable support zones. Traders are advised to exercise caution and monitor for momentum shifts before entering the market. A break above Tuesday’s session highs could open the path to the 4300 level, which has historically posed resistance. Nevertheless, the overall market sentiment supports further upside potential, barring significant changes or a shift in focus toward the Federal Reserve’s actions by Wall Street.

S&P 500Ready to trade the S&P 500 Forex? We’ve shortlisted the best Forex brokers for CFD trading in the industry for you.

Leave a Reply

Your email address will not be published. Required fields are marked *

YourOwnBrokerage is a leading Technology & Business Consulting firm with a specialized focus in Fintech industry.


RISK WARNING: Trading products are highly speculative in nature and carries a significant level of risk which may not be suitable for all investors. Please ensure you fully understand the risks involved and only invest money you can afford to lose. Seek advice from an independent adviser if at all unsure as to the suitability of investing in such instruments.


The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.


The information on this website is not directed to residents of certain jurisdictions where such distribution or use would be contrary to local law or regulation.



© 2009 - 2024 YourOwnBrokerage.com. All Rights Reserved.