S&P 500 Price Is Targeting Previous Low at $4169 Support Level
Login

S&P 500 Price Is Targeting Previous Low at $4169 Support Level

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:


S&P 500 Price Analysis – April 26

S&P 500 may retest the previous low at $4169 support level, and it may extend to $4108 and $3927 provided sellers’ pressure increases. In case the support level of $4169 is defended by the bulls, price may face resistance levels at $4276, $4364 and $4476 levels

Key levels:

Resistance levels: $4276, $4364, $4476

Support levels: $4169, $4108, $3927

 

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. Last two weeks, the price of S&P 500 was ranging within the $4476 and $4368 levels. Bearish engulfing candle emerged on April 21 at the resistance level of $4476. This scenario increased the bearish momentum and the former support level of $4364 turned to resistance levels. More pressure from the sellers make the price decreases below $$4276 level. At the moment, the price is declining towards $4169 level.

Daily 42

S&P 500 continues trading below the 9 periods EMA and the 21 periods EMA which indicate an increase in the bears’ momentum. The relative strength index period 14 is at 35 levels with the signal lines pointing down to indicate sell signal. S&P 500 may retest the previous low at $4169 support level, and it may extend to $4108 and $3927 provided sellers’ pressure increases. In case the support level of $4169 is defended by the bulls, price may face resistance levels at $4276, $4364 and $4476 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. Bulls’ pressure was disrupted at the resistance level of $4593 as the bears reacted against price increase with the formation of an inside bar candle. The price falls and break down the $4476 level, it pulled back and retest $4476 level. Further increase of the sellers pressure was experienced and it penetrates $4276 level.

4 hours 30

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 30 levels displaying sell signal.

You can purchase Lucky Block here.  Buy LBlock:

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News