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S&P 500 Index May Head Lower Before Hitting New Highs

The S&P 500 index took a break from yesterday’s all-time highs and is now a tad lower. The dip occurred despite markets receiving a huge dose of risk-on sentiment, as investors in the US markets continue to have some jitters about surging coronavirus infection rates in the US and the impact on the US labor market. 

The JOLTS report issued by the US Department of Labor shows that despite an increase in new openings and hirings, layoffs also increased. Today’s muted but bearish price action can be viewed as a form of re-evaluation of positions before further action is taken. 

The S&P 500 is down 0.12% at the moment. 

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Technical Outlook for S&P500 Index

A muted day of trading, mostly on the bearish side, has sent the S&P 500 index slightly lower, just short of yesterday’s new all-time high at 3915.8. Continuance of the uptrend depends on price finishing with a closing penetration above that level. This potentially opens the pathway towards

On the flip side, a bounce from the present support could allow the USDRUB push towards 74.52, with 75.48 and 75.974 serving as additional targets to the north. 

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S&P 500 Daily Chart

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