The S&P 500 jumped sharply up by 2.28% in a sign of relief.

The US500 or S&P500 surged by 86.98 points or 2.28% in its last session on Friday 6^th January, after snapping a four-week losing streak. The rally was backed by an employment report and hopes that the Federal Reserve will slow down on interest rate hikes after wage growth cooled last month reflecting upon the signs of inflation pressures easing. Along with this, the Dow Jones surged by 700 points and Nasdaq jumped up by 264 points. Over the last 12 months, S&P 500 fell by 16.45%. The whole market sentiment improved across the board in the first week of 2023.

US500 Daily Chart Directional bias - 1 Week 

Viable Trade Signal – US500

The Chart shows viable long positions above the pivot at 3885 with the target to test the key resistance Level at 3955 and then the test of the resistance zone between 4050 to 4080.

Alternatively, possible short positions below the pivot at 3885 heading towards the target of the key support level at 3810 and then the further test of the support zone between 3750 to 3720.