Market Focus: SPX500
Hi traders, today we take a look at the daily chart of the SPX500 which is the CFD that tracks the S&P500 stock index.
We continue to watch price as it trades very close to new record highs. Buyers failed on their earlier attempt this week after touching new records before sellers took over sending price 0.58% lower that session. After a new break lower, buyers came back into the market yesterday rejecting the move lower and adding 0.43% to the close. Today in the out of hours we’ve seen further buying, but gains have been trimmed late into the Asian session.
Buyers, for now, look to hold short term momentum but the key will be a break of 3395. This area lines with a resistance area that runs all the way back to February 2020. Overall price remains in short, medium, and long term uptrends. Price has hit a junction now at this resistance point and a break of the level is required for trends to continue.
Tonight we’ll be looking to see if buyers can beat this level, or could we see it continue to confirm and put price into a new short-term correction?