S&P 500 H4 – Bulls are cautiously testing the market

Nigel Frith

stock market news

Written on 01/03/2022 by Theunis Kruger, FX Trainer at FXTM

The S&P 500 on the H4 time frame was in a downtrend until a last lower bottom formed on 24th February at 4105.9.

After the lower bottom, the bulls made their move. The price broke through the 15 and 34 Simple Moving Averages with the Momentum Oscillator following in tandem by breaking through the baseline into bullish terrain.

A possible critical resistance level formed on 25th February at 4384.6, and the bears then tried to get back in control. However, a support level at 4261.7 stopped them on 28th February, and the bulls are currently cautiously testing to see if they can get the upper hand again.

During the 28th February market session, the price just broke the 4384.6 resistance level, and three possible price targets could have been considered from there. The following targets were calculated attaching the Fibonacci tool to the higher top at 4384.6 and dragging it to the bottom of the support level at 4261.7. The first target was estimated at 4460.6 (161.8%). The second price target was considered at 4583.5 (261.8%), and the third and final target can be anticipated at 4782.3 (423.6%).

If the support level at 4261.7 is broken, the above scenario is annulled, and any remaining risk must be carefully managed.

As long as the bulls continue to test the market and demand overcomes supply, the outlook for S&P500 on the H4 time frame will remain bullish.

FXTM Analysis S&P500 u2013 Bulls are cautionsly testing the market

For more information, please visit: FXTM

Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.


Nigel Frith

Latest news

Olympic Legend Usain Bolt Lost $12m in Savings Scam
Usain Bolt loses $12m in an alleged investment scam Jamaican officials and the FBI are investigating investment manager Stocks and Securities Ltd Others are feared caught by the scheme Jamaican Olympic sprinter Usain Bolt has had a $12m savings and investment account he set up for his retirement wiped out. Read more
Phoney Pastors Caught Running $28m Church-Based Ponzi Scheme
Churchgoers targeted by scammers posing as pastors A total of $28m fraudulently taken from largely immigrant community Promises of ‘financial freedom through God’ undone by the fact the project was a massive Ponzi scheme Deception, distraction, and abuse of trust are standard tools of fraudsters. Read more

Safest Forex Brokers 2023

Broker Info Best In Customer Satisfaction Score
#1 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#2 BlackBull Markets LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#3 73 % of retail CFD accounts lose money Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 Forex Broker eToro Logo67% of CFD traders lose Founded: 2007 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#5 Plus500 Logo79 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Provider
Number One Broker
Best Trading App Visit broker
5

    Forex Fraud Certified Brokers

    AvaTrade logo
    ATFX Logo
    IQ Option Logo
    IC Markets Logo
    skilling logo
    City Index Logo
    OctaFX Logo
    Forex.com Logo
    BlackBull Markets Logo
    LegacyFX Small Logo
    Exness Small Logo
    HYCM Logo
    XM Logo