S&P 500 Price Breaks Down $4060 Support Level, Targeting $3999

S&P 500 Price Analysis – August 30

In case S&P 500 break down the support level at $3999 support level, further decrease in price may reach $3899 and $3799 support levels. In case the support level of $3999 is defended by the bulls, price may face resistance levels at $4060, $4171 and $4276 levels.

Key levels:

Resistance levels: $4060, $4171, $4276

Support levels: $3999, $3899, $3799

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. The bulls could not propel the price above the resistance level of $4276. An inside bar candle formed at the resistance level of $4276. The price of S&P 500 declines and penetrated the former support levels of $4171, and $4060 downside. The price is currently targeting the support level of $3999.

S&P 500 is 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 41 levels with the signal lines pointing down to indicate sell signal. In case S&P 500 break down the support level at $3999 support level, further decrease in price may reach $3899 and $3799 support levels. In case the support level of $3999 is defended by the bulls, price may face resistance levels at $4060, $4171 and $4276 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. After the disruption of the Bulls’ pressure at the resistance level of $4276, bears reaction against price increase led to the price declination last week. Price falls and broke down the significant support level of $4171, it pulled back and retest the same level. Further increase of the sellers’ pressure was experienced and it is targeting $3999 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 46 levels displaying bearish signal.