S&P500 Technical Analysis 3/4/2012
- U.S. equities have dropped today, one day after the Standard & Poor’s 500 Index reached the highest level seen 2008.
- The S&P 500 Index is currently trading 12.7 percent higher on the year.
- The Standard & Poor’s 500 Index (S&P500) daily timeframe chart below shows how price has convincingly moved above the 1370 area resistance level.
- The nearest ascending trend line has seen 3 touches on the daily chart and any downside move will need to contend with this support level going forward. This level is closely aligned with the 1400 round number which provided resistance and may now see support.
- Any break below this trend line would bring the 1370 area into focus which likewise provided resistance on the way up and may flip into support if visited.
The S&P500 weighted index has been published since 1957 in the U.S. and captures the prices of 500 actively traded large cap stocks.