S&P500 Technical Analysis: Inverse Head-and-Shoulders pattern – Correction over – Game on for bulls – 2,820.00 target

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S&P500 daily chart

  • The S&P500 printed an inverse head-and-shoulders pattern, which can potentially be bullish.
  • The RSI is turning bullish, while the MACD and Stochastic are already in positive territories. 


	S&P500 Technical Analysis: Inverse Head-and-Shoulders pattern - Correction over - Game on for bulls - 2,820.00 target

S&P500 4-hour chart

  • The S&P500 found strong support at the 2,680.00 level as the bulls reclaimed the 50-period simple moving average (SMA). 
  • Technical indicators are picking up speed suggesting continued bullish momentum. 
  • The bull target is at 2,820.00 swing high. A bear breakout below 2,680.00 would be considered rather bearish. 


	S&P500 Technical Analysis: Inverse Head-and-Shoulders pattern - Correction over - Game on for bulls - 2,820.00 target

S&P500 30-minute chart

  • The market is almost in full bullish mode on the 30-minute chart. 
  • The S&P500 broke above the 50 and 100 SMA while technical indicators are in positive territories. 


	S&P500 Technical Analysis: Inverse Head-and-Shoulders pattern - Correction over - Game on for bulls - 2,820.00 target


Additional key levels at a glance:

 

SP 500

Overview:
    Last Price: 2733.25
    Daily change: 3.2e+3 pips
    Daily change: 1.17%
    Daily Open: 2701.75
Trends:
    Daily SMA20: 2730.8
    Daily SMA50: 2816.8
    Daily SMA100: 2831.22
    Daily SMA200: 2768.04
Levels:
    Daily High: 2748
    Daily Low: 2686.5
    Weekly High: 2818.75
    Weekly Low: 2713.5
    Monthly High: 2939.5
    Monthly Low: 2604.5
    Daily Fibonacci 38.2%: 2709.99
    Daily Fibonacci 61.8%: 2724.51
    Daily Pivot Point S1: 2676.17
    Daily Pivot Point S2: 2650.58
    Daily Pivot Point S3: 2614.67
    Daily Pivot Point R1: 2737.67
    Daily Pivot Point R2: 2773.58
    Daily Pivot Point R3: 2799.17

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