S&P Index daily timeframe chart is showing a clearly defined uptrend and a rising channel. The initial reaction to the numbers on Friday was bullish but the price action settled close to the open levels and created a Doji Candle. Price is currently supported at the 20 Period SMA level, only a significant loss of that support could potentially target 1425 level which is the blue dotted line and an important support level. Alternatively, only a daily close above the current resistance and the recent high of 1474.51 could call for higher prices to come.
S&P ( 60 Min ) Hourly timeframe support is clearly located at 1458.82 followed by 1447-1449.90 and 1439.54 ( 200 period SMA ). Alternatively resistance on the upside is located at the previous high level of 1474.51. Overlays and Indicators are either at or close to the overbought level.
You can also watch Video market Analysis here : www.traders-club.co.uk/videos
S&P ( 60 Min ) Hourly timeframe support is clearly located at 1458.82 followed by 1447-1449.90 and 1439.54 ( 200 period SMA ). Alternatively resistance on the upside is located at the previous high level of 1474.51. Overlays and Indicators are either at or close to the overbought level.
You can also watch Video market Analysis here : www.traders-club.co.uk/videos