S&P 500: technical analysis and trading recommendations_08/08/2022

S&P500 W

As you can see from the daily and weekly charts of the S&P 500, the price has come close to the strong resistance level 4180.0 (EMA200 and the upper line of the rising channel on the daily chart, EMA50 on the weekly chart).

S&P500 D

Considering the multi-year bullish trend of the S&P 500, a break of this matching level will signal the end of the downward correction and the resumption of the bullish trend.

S&P500 4

In an alternative scenario, and after the breakdown of the support level 4091.00 (EMA200 on the 1-hour chart), the S&P 500 will return inside the descending channel on the weekly chart and head back to the key long-term support level 3670.00 (EMA200 on the weekly chart). Its breakdown could finally break the long-term global bullish trend of the S&P 500.

S&P500 1

Support levels: 4139.00, 4091.00, 4000.0, 3870.00, 3670.00, 3600.00

Resistance levels: 4180.00, 4550.00, 4630.00, 4820.00

Trading recommendations

Sell Stop 4075.00.00. Stop Loss 4185.00. Targets 4000.0, 3870.00, 3670.00, 3600.00

Buy Stop 4185.00. Stop Loss 4075.00. Targets 4200.00, 4300.00, 4400.00, 4550.00, 4630.00, 4820.00