S&P500 Struggles To Breakout Above 3295

The S&P500 index has maintained a low key status last week. Prices struggled to breakout above the 3295 highs from the week before.

But at the same time, the index looks to be well supported near the 3200 level at the moment. This sideways range could lead to a potential breakout in the near term.

A close below the 3200 level could accelerate the declines, which could mean that price action could slip back lower. The next lower support is at the 3000 level.

Watch the rising trend line which currently seems to be holding up the index. A breakdown below this level might, however, change the bias.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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