The S&P 500 has risen to its highest trading level since March 5, as the recovery in US equity markets shows few signs of stopping.
S&P 500 analysis shows that the index could reach the 3,100 resistance area over the medium term.
Current technical analysis of the S&P 500 shows that bulls are testing the index’s 200-day moving average.
S&P 500 medium-term price trend
The S&P 500 has moved to a new multi-month trading high, with the index testing the 3,000 resistance level.
S&P 500 technical analysis shows that the index is attempting to turn bullish over the medium term for the first time since March 4.
The daily time frame currently shows that price is consolidating around the index’s key 200-day moving average.
The March 4 swing-high, around the 3,135 level, is seen as a possible upside target.
A price gap on the charts, around the 3,330 level, is also another possible medium-term upside target.
S&P 500 short-term price trend
S&P 500 technical analysis shows that the index is bullish over the short term while price trades above the 2,965 level.
The lower time frames show that a bearish head-and-shoulders pattern has recently been invalidated.
According to the size of the invalidated bearish pattern, the index could rally towards the 3,100 level over the short term.
It is noteworthy that both short and medium-term technicals are pointing to a rally towards the 3,100 level.
S&P 500 technical summary
S&P 500 analysis indicates that the index could rally towards the 3,100 technical area. An over-extension towards the 3,330 resistance level also remains possible.