S&P 500 Price Pulls Back at $4231 support Level

S&P 500 Price Analysis – March 01

In case the bulls push up the price to penetrate the resistance level of $4405, S&P 500 will incline to $4452 and $4524 levels. In case the bulls lose more pressure and bears defend $4405 resistance level, then, the support level of $4231 may be broken downside and it may decrease to $4248 and $4169 support levels.

S&P 500 Market

Key levels:

Resistance levels: $4405, $4452, $4524

Support levels: $4231, $4248, $4169

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the weekly chart. Bears dominates the S&P 500 market since February 09. The bearish force is increasing accordingly. The price broke down the support level of $4405and $4361 levels. It reached the low of $4231 and rebound.  The price pulled back to retest the resistance level of $4405. There is tendency for the price to decline further.

S&P 500 is trading below the 9 periods EMA and the 21 periods EMA which indicate a strong bullish pullback in the S&P 500 market. The relative strength index period 14 is at 44 levels with the signal lines bending down to indicate sell signal. In case the bulls push up the price to penetrate the resistance level of $4405, S&P 500 will incline to $4452 and $4524 levels. In case the bulls lose more pressure and bears defend $4405 resistance level, then, the support level of $4231 may be broken downside and it may decrease to $4248 and $4169 support levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish movement on the daily chart outlook. Bearish movement continues in the market as the sellers exerts more pressure.  The price is still obeying the double top chart pattern formed at the resistance level of $4524 last two weeks. The former support level of $4405 has turned to resistance level.

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement. The relative strength index period 14 is at 44 levels displaying sell signal.

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