S&P 500 analysis shows that the index continues to make bullish higher daily, weekly, and monthly higher highs.
Current technical analysis of the S&P 500 indicates that the index is still oncourse for its medium-term bullish target, of 3,700.
S&P 500 medium-term price trend
The long-term rally in the S&P 500 shows fews signs of stopping, as traders and investors continue to purchase US stocks.
At present, the rally in the popular US index looks sustainable, as traders buy any meaningful technical corrections.
S&P 500 technical analysis shows that the index is likely to advance towards yet another all-time trading high, around the 3,700 level, over the medium-term.
The daily time frame continues to show that a bullish inverted head and shoulders pattern remains in play, with the overall objective around 300 points from current trading levels.
Overall, watch out for the ongoing rally in the index to reach the 3,700 level before a strong downside correction occurs.
S&P 500 short-term price trend
S&P 500 technical analysis shows that the index could reach the 3,500 level over the short-term horizon.
The four-hour time frame is showing that a bullish inverted head and shoulders pattern remains in play, following the breakout above the 3,350 level.
Someone caution is advised as the RSI indicator is showing extreme amounts of negative price divergence.
It is also noteworthy that bearish MACD price divergence is present on the four-hour time frame until the 3,000 level.
Furthermore, bearish MACD divergence is also present on the daily time frame, and extends towards the 2,600 level.
S&P 500 technical summary
S&P 500 analysis indicates that a rally towards the 3,700 level still remains the most likely scenario. Caution is advised as negative RSI and MACD divergence is present across various time frames.