On the daily chart below for the S&P 500, we can see that after finding support at the broken trendline, the buyers just kept on charging higher and are now breaking above a strong resistance level.

The moving averages are now crossed to the upside which may be another signal that the trend has now changed from bearish to bullish. The price though is a bit overstretched as depicted by the distance of the price from the blue short period moving average, so may get a pullback first before another push to the upside.

S&P 500 technical analysis

In the 4 hour chart below, we can see that there may be a big inverted head and shoulders pattern with the neckline at the 4061 resistance. Given that generally the price pulls back after breaking the neckline, we can expect the price to fall to the trendline where we will have also a Fibonacci retracement level for confluence and a previous swing point. From a risk management perspective that will be a better level to lean onto for the buyers.

In the 1 hour chart below, we can see that at the moment the moving averages are supporting the uptrend on this timeframe. Once those cross to the downside, we should expect the price to pull back to the trendline. For the sellers, it may be better to wait for a break below the trendline before piling in.

We have many top tier economic reports next week like the ISM PMIs and the NFP, so the market may err on the conservative side going into those risk events.