S&P 500 Technical Analysis: Weekly Chart

In the weekly charts, S&P 500 is trading above its previous downward channel.

It is trading below all SMAs: MA (5), MA (20), and MA (50).

The immediate support is 4320 and the resistance level is at 4590.

S&P 500 is trading outside and above its previous downward channel.

S&P 500 Technical Analysis: Daily Chart

In the daily charts, S&P 500 is trading in a downward channel.

Its is trading below MA (5) and MA (20) but above MA (50).

The immediate support is 4375 and the resistance level is at 4470.

S&P 500 is trading in a downward channel until there is a trend reversal.

How to trade S&P 500 this week:

S&P 500 is trading above and outside its previous downward channel. However, if the price breaks down further, the following opportunity can be taken:

TRADE SUGGESTION: SELL AT 4315, TAKE PROFIT AT 4145 AND STOP LOSS AT 4465.