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