Is this Market- S&P500 (SP500) want to go up?
The most pertinent question in worldwide stock markets’ traders mind now: Is this Market- S&P500 (SP500) want to go up? Let’s analyse the same question in this blog post.
S&P500 (SP500) after correcting 35.70% (1,212.89 points) during Covid-19 i.e from 19-Feb-2020 to 22-Mar-2020, has come back sharply, doing a “V” shaped recovery, 1,052.79 points.
This is a speedy 86.8% recovery which has happened within a short period from 23-Mar-2020 till date for S&P500 (SP500). During this run up, S&P500 (SP500) had printed a significant swing high on 08-Jun-2020 at 3,233.29. This swing high is still acting as a Resistance.
At the time of writing this blog post, S&P500 (SP500) is trading at the vicinity of this Resistance. If the last running bar of S&P500 (SP500) closes above the Resistance at 3,233.29 at today’s close and next bar takes the high of it then we can expect S&P500 (SP500) to go higher up to the levels captured below:
1. 3,238.44
2. 3,258.93
3. 3,311.38
4. 3,384.31
5. 3,397.20
However, we need to be extremely careful to observe that this Market, S&P500 (SP500) is not doing a fake out at these Resistance points as mentioned above. Also we need to be observant about S&P500 (SP500) not doing Crack and Snap back at these Resistance points. In that case it can trigger a downside correction for this Market.
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Written by
Partha
Partha Banerjee is the Founder, Principal Trader, and Director of N P Financials Pty Ltd, one of Australia’s most respected ASIC-regulated proprietary trading and trader-training firms and an AFSL holder. With decades of experience across multiple market cycles, Partha is known for his disciplined, structure-first trading approach, grounded in transparency, risk management, and real-market execution.
He actively trades the same strategies he teaches, specialising across Forex, Equities, Commodities, Indices, Cryptocurrencies, and intraday markets. Under his leadership, N P Financials has become a globally recognised trading education and proprietary trading organisation, earning multiple national and international awards for regulatory excellence, educational depth, and long-term trader outcomes.
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