S&P 500: technical analysis and trading recommendations_11/22/2021


As we noted above, S&P 500 futures reached a new all-time high at 4728.0 late last week. Investors maintain a positive outlook, while S&P 500 futures - positive dynamics and a tendency to further rise against the backdrop of a favorable fundamental background. A breakdown of the local resistance level 4728.0 will be a signal to build up long positions.

In an alternative scenario, a signal for short-term sales will be a breakdown of the short-term support level 4688.0 (ЕМА200 on the 1-hour chart). The closest target of the correctional decline in this case will be the support levels 4600.0 (ЕМА200 on the 4-hour chart), 4565.0 (ЕМА50 on the daily chart), and the more distant - support level 4385.0 (ЕМА144 on the daily chart).

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However, only a breakdown of the long-term support levels 4280.0 (ЕМА200 on the daily chart), 4225.0 (ЕМА50 on the weekly chart) may increase the risks of breaking the long-term bullish trend of the S&P 500.

Thus, above the support levels 4565.0, 4600.0, 4688.0, long positions remain preferable.

Support levels: 4688.0, 4600.0, 4565.0, 4385.0, 4280.0, 4225.0

Resistance levels: 4728.0, 4800.0

Trading recommendations

Sell Stop 4672.0. Stop-Loss 4729.0. Targets 4600.0, 4565.0, 4385.0, 4280.0, 4225.0

Buy Stop 4729.0. Stop-Loss 4672.0. Targets 4800.0, 4900.0