Hello Friends Welcome to the QuickDhan, As you all know everyperson related to the stock market having the one question in mind is When will this market fall will stop. Guys seriouly nobody knows it's answer but we technical analyst have idea at which point market may take support or may bounce from that level.
Today I will try to share some Important levels of S&P 500 index using my chart reading knowledge Hope these levels will help you to decide at which point is better point to invest for the longterm.
S&P 500 -
First of all a little information for those who don't know what is S&P 500. Friends S&P word is abbreviation of the word Standard and Poor. It is USA famous market index name that measures the top 500 stocks listed in NewYork Exchange.
Here you can S&P is falling continuously from Jan 2022 ( Level 4817) to till now jun 2022 (~3800). In percentage terms this fall is nearly of 23% which is huge in numbers. And Theoretically S&P is in Bear market. Because as per bookish definition "Any Market or index fall 20% from top is in grip of Bears or called Bear Market."
Technical Chart Of S&P 500 -
In technical chart of S&P 500 3800 was a support from longterm perspective, Index gave last week closing below this but on next week sudden move helps it to close above this level.
This time index survived from this level but if next time if index goes below this then Index might fall till the next support point of 3500.
I personally think S&P 500 should correct till 3250 level, beacause there is lots of challenges in front of US economy still ahead. If S&P falls till 3250 level then that would be best price to accumulate top stocks of S&P 500.
Here I am saying not to add any stock at current level, One can add stocks still but I will advice you to this is not a time to invest in huge quantity better to go in SIP form.
