S&P 500 Technical Update

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The S&P 500 is currently in a consolidation pattern with key support lying at 2328 while downtrend resistance has moved down to 2367 today.

 

The S&P 500 has been consolidating the late February/early March sprint to new highs for 5 weeks now. And while the long term trend remains higher, there are a few technical levels worth watching in the near term (see chart for visual on initial levels).

  • Initial, key support lies between 2328 and 2341
  • Longer term, key support is between 2275 and 2300
  • Initial downtrend resistance is sitting at 2367
  • The next medium term, upside target, determined by a measured move is to 2473