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

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Azeez Mustapha

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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.

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