S&P 500: technical analysis and trading recommendations_11/01/2021


As we noted above, S&P 500 futures reached a new all-time high at 4627.0 today. Investors remain positive, and S&P 500 futures maintain positive dynamics and a tendency to further growth against a favorable fundamental background.

In an alternative scenario, a signal for short-term sales will be a breakdown of the local and short-term support level 4552.0 (ЕМА200 on the 1-hour chart). The closest target of the correctional decline in this case will be the support levels 4479.0 (ЕМА200 on the 4-hour chart) and 4465.0 (ЕМА50 on the daily chart), and the more distant - support level 4320.0 (ЕМА144 on the daily chart).

However, only a breakdown of the long-term support levels 4215.0 (ЕМА200 on the daily chart), 4160.0 (ЕМА50 on the weekly chart) may increase the risks of breaking the long-term bullish trend of the S&P 500.

In any case, long positions are preferred above the support levels 4552.0, 4479.0, 4465.0.

Support levels: 4552.0, 4479.0, 4465.0, 4320.0, 4215.0, 4160.0

Resistance levels: 4627.0, 4700.0, 4800.0

Trading recommendations

S&P 500: Sell Stop 4550.0. Stop-Loss 4630.0. Targets 4500.0, 4479.0, 4465.0, 4320.0, 4215.0, 4160.0

Buy Stop 4630.0. Stop-Loss 4550.0. Targets 4700.0, 4800.0, 4900.0