S&P 500 Index Slips for the Umpteenth Time on US Debt Limit Extension

6 October 2021 | Updated: 6 October 2021

S&P 500 Price Analysis – October 6

S&P 500 fluctuates around its intraday low, down 1.25 percent on the day under the 4,300 level in the early hours of Wednesday. Following severe losses early in the week, major equity indexes in the United States continue lower, owing to market sentiment. As of writing, the S&P 500 Index is trading lower at 4295.

Key Levels
Resistance Levels: 4451, 4400, 4350
Support Levels: 4250, 4,150, 4000
S&P 500 Long term Trend: Ranging
As sellers finally look to take advantage of the medium-term correction, the index is battling to maintain its rise above the 4300 support zone. Meanwhile, the bearish pressure is projected to weaken and remain around the mid-4200 levels, as the market trades above the 4250 support level, consolidating further into the next session.

The RSI is currently headed towards its low lines, while the price has swung lower after a pullback from the 4551 marks September high, confirming the range view. In the medium term, the moving average 13 holds its place and may move slightly horizontally.
S&P 500 Short term Trend: Bearish
The S&P 500 index has been on the decline in the near term after breaking through the consolidation range of 4350 levels earlier this week. As the price fell below the 4 hour MA 5 and 13, a retest of the closest support turned resistance at 4300 levels is expected before the price retreats further.

The isupport ndex zone around 4250 must hold to keep the immediate risk reduced for a return to 4350, above which we find resistance at the top of the moving averages at 4400, which should cap the gain initially.

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S&P 500 Rebounds From 2nd-Day Plunge Around 4350 Level

29 September 2021 | Updated: 29 September 2021

S&P 500 Price Analysis – September 29

On higher activity, the S&P 500 Index squeezed lower the prior day to a low of 4347. It has since rebounded from the lows of the current session to hit an intraday high of 4391 at the time of writing. Since the start of the week, the S&P 500 index fell and now retracing most of its recent gains. It came as a result of the strengthening of the US currency and rising bond yields.

Key Levels
Resistance Levels: 4600, 4500, 4400
Support Levels: 4350, 4300, 4250
S&P 500 Long term Trend: Ranging
On the daily chart, the price rose steadily after regaining traction beneath the moving average of 5 and bouncing off the horizontal line at 3350 levels. The bounce on the horizontal support connecting from the August 19 low, as well as the bullish bearing daily candle, is assisting this progression from the 3350 levels.

The horizontal resistance line at 4400 levels is stifling upside movements towards the September high of 4551 levels. If buying interest succeeds in breaking towards the historic high, resistance from level 4400 may rise. More gains could be challenged with resistance at 4465 and 4551 handles.
S&P 500 Short term Trend: Ranging
During the early Tuesday trading session, the S&P 500 gained 40 pips or 0.50 percent. Beyond the 4350 near-term support levels, the index is trading around the moving average of 5 at the mid-channel pattern. The index is expected to range throughout the next trading session, according to technical indicators.

The 4430 level could be a potential objective for bulls. However, the index may face opposition from the horizontal resistance at 4400 in this session and the next. If the S&P 500 falls, it will be supported on dips by the horizontal support at 4300 levels, where buyers may re-emerge.

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S&P 500 May Experience Further Corrective Pullback Lower

22 September 2021 | Updated: 22 September 2021

S&P 500 Price Analysis – September 22

The S&P 500 is projected to have more corrective weakness as it approaches a cluster of limitations beneath the 4330/4300. The index is picking up bids, snapping a four-day decline roughly from 4348 up 0.77 percent intraday on Wednesday, the first upward daily move in the past 5 days.

Key Levels
Resistance Levels: 4600, 4500, 4400
Support Levels: 4300, 4200, 4100
S&P 500 Long term Trend: Ranging
On the daily charts, the bulls have made a positive move away from the falling trend, and the index may try to break through the 4400 resistance level. Meanwhile, if the bulls are unable to reclaim control at this point, a retracement towards the next support around 4266 levels is possible.

The longer-term bias remains cautiously higher, with first resistance at 4400, which must be overcome to clear the way for a move into 4500 levels. However, we may see a more rigorous evaluation of a cluster of projection levels in the 4431/4465 area in the future.
S&P 500 Short term Trend: Ranging
In the 4-hour chart, the S&P 500 index fell below the all-time high of 4551 and slid marginally below the short-term moving averages 5 and 13. While the price stays in the positive zone, the relative strength index is hovering below its midpoint. If the bears gain control, horizontal support at the 4300 levels could provide instant support.

On the other hand, an upside extension might push the index to its all-time high of 4551 and then to the 4600 resistance level. Despite the ongoing pullback, the S&P 500 index is expected to continue to rise shortly.

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SP500 retesting previous key level

15 September 2021 | Updated: 15 September 2021

Key Support: 4440
Key Resistance: 4490

The SP500 has been trading in a very structured pullback since it printed the highs around 4550 earlier this month. This pullback is capped to the downside by the 4440 level whilst retesting the mid-term bullish structure.

My idea here is to buy on a break of the immediate bearish structure (5 days in a row of lower daily highs) for a retest of yesterday’s highs / weekly pivot.

Momentum should dry up at the ADR highs around the 4500 level should this scenario play out.

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S&P 500 Sustains Beyond 4,500 Despite Weak US Treasury Yields

8 September 2021 | Updated: 8 September 2021

S&P 500 Price Analysis – September 8

At 4,516, the S&P 500 Index is down 0.05 percent on the day. After a positive performance of the global stock market in recent days, which was extended in China but not in Japan, concerns about an economic slowdown due to the Delta variant increased after the nonfarm payrolls report came in short of expectations.

Key Levels
Resistance Levels: 4650, 4600, 4551
Support Levels: 4450, 4400, 4350
S&P 500 Long term Trend: Bullish
The S&P 500 eases from the resistance level of 4551, which is a horizontal zone connecting the peaks of August 2021. It’s worth noticing that the daily relative strength index has been trading below the overbought zone since July, indicating that bullish momentum is fading.

A pullback could occur if the aforementioned overbought zone and the resistance level of 4551 are tested and rejected again. Although this is not a warning of reversal, temporary weariness cannot be ruled out. Medium-term supports will be at the 4431 and the round figure of 4400.
S&P 500 Short term Trend: Bullish
On the 4-hour time frame, the S&P 500 index is in an ascending trend, which suggests intra-day trades can be derived based on the larger time frame’s trend. The price has established an upward continuation pattern on the 4-hour time frame, and they usually break in the direction of the present trend.

The RSI is now trading towards its midpoints; but, if it returns below, it could signal that the bears are about to start their party, implying more weakness ahead. Short positions beneath 4500 levels are preferred, with targets at 4431 and 4400 in extension. Alternatively, we may look for more gains, with objectives of 4551 and 4600.

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S&P 500 Holds Steady Despite Conflicting Indications

1 September 2021 | Updated: 1 September 2021

S&P 500 Price Analysis – September 1

The S&P 500 reached 4545 the highest since the start of the year. For August, the Manufacturing PMI in the United States and the United Kingdom was improved to 60.3 points. With 374K jobs lost in August, the US ADP jobs data fell short. The employment component of the ISM Manufacturing PMI fell.

Key Levels
Resistance Levels: 4650, 4600, 4550
Support Levels: 4500, 4400, 4360
S&P 500 Long term Trend: Bullish
Daily, the index rally has finally extended past the 4500 regions, with additional levels of resistance stretching up to the 4600 high. The S&P 500 was up 0.09 percent on the day at 4,542 as of this writing. The most likely scenario is for a cap in the 4500-4600 range, followed by a potentially longer correction period.

The MA 5 appears to be propelling price from the 4500s towards the 4600s. On the downside, 4400 (psychological level) is a major support level that correlates with the MA 200. If the index closes below that level daily, it may be forced to attempt a decline toward the 4000 levels in the coming sessions.
S&P 500 Short term Trend: Bullish
On the 4-hour time frame, the S&P 500 index is in a positive trend, which means intra-day trades can be derived based on the larger time frame’s trend. The price has established a bullish pattern on the 4-hour time frame, which frequently breaks in the direction of the present trend.

The RSI is now overbought, but if it breaks below that level, it could be the first sign that the bears are set to start their party, implying more weakness ahead. Short positions below 4500 levels are preferred, with targets at 4465 and 4400 in extension. Alternatively, we see 4550 and 4600 as goals for further gains.

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S&P 500 Retreats Below All-Time Highs After a Decent Start to the Week

25 August 2021 | Updated: 25 August 2021

S&P 500 Price Analysis – August 25

After recording an all-time high of 4496, few points shy of the 4,500 barriers at the start of the week. The S&P 500 is drifting on Wednesday, despite posting gains during the prior session. The index is trading at 4484, down 0.04% on the day at the time of this post.

Key Levels
Resistance Levels: 4700, 4600, 4500
Support Levels: 4475, 4400, 4350

S&P 500 Long term Trend: Bullish
In the previous day, the S&P 500 surged upward to reach 4496 high levels, with investors hoping for a return of the core uptrend breaking the 4500 high barriers and then for new record highs. In today’s session, however, the index’s upward movement pauses beneath the 4491 intraday high level.

Considering the index’s performance over the last four days, a knee-jerk retreat should be expected, but dips will be viewed as corrective, and look for strength to return to not only the 4500 high levels but beyond, in due time. The moving average 5 and 13 remains below as medium-term support.

S&P 500 Short term Trend: Bullish
On the 4-hour time frame, resistance is seen around yesterday’s high around 4496 levels, followed by the 4500 high levels. The next goal might be the high of 4600 levels, and if it is breached, resistance could form around the 4700 barriers.

Support was initially identified at 4475, then 4431, with the lower end of the channel currently ideally holding at 4400 levels to maintain the immediate danger higher. A break might result in a deeper drop to 4350 levels, but fresh buyers are likely ahead of the stated lows.

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S&P 500 Index Remains Pressured Amid Recent Conflicting US Data

18 August 2021 | Updated: 18 August 2021

S&P 500 Price Analysis – August 18

Despite the prior day’s loss the S&P 500 returns ahead of the mid 4400, reaching as high as 4453 during the European session while writing, the index was up 0.06% on the day. Retail sales in July fell 1.1 percent monthly to $617.7 billion, according to figures released by the US Census Bureau earlier in the prior day.

Key Levels
Resistance Levels: 4600, 4550, 4500
Support Levels: 4400, 4360, 4300
S&P 500 Long term Trend: Bullish
On the daily chart, the index bounced ahead of the horizontal support at 4400. As long as buyers maintain control, a persistent push past the mid-4400 level appears unavoidable. The S&P 500 could reach the medium to long-term price zone of 4500 levels if the above-mentioned point is breached repeatedly.

Support, on the other hand, is visible near the levels of 4431 and 4400 in the present session. Following the initial rise, a rebound towards a prior high near 4478 or higher at 4482 levels could be expected. As a result, a possible long entry is to wait for a pullback to the support area near the 4400 levels.
S&P 500 Short term Trend: Ranging
On the 4-hour time frame, the breach of the 4431 levels is visible, indicating the importance of this level, which is further supported by the fact that the moving average 5 may later attempt to cross the horizontal support line, validating a retracement and its subsequent bounce.

Technically, this level separates the decline from the rally. As a result, many traders avoid buying the asset when it is trading below level 4431, as a move above that level creates a buying signal as well. Overall, in the short term, the S&P 500 continues to consolidate and remain bid at the upside channel.

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S&P 500 Weakens Ahead of 4500 Region After Dismal Job Data

4 August 2021 | Updated: 4 August 2021

S&P 500 Price Analysis – August 4

The S&P 500 began the day considerably lower, showing losses at the beginning and failing to keep over the prior week’s high of 4431 levels. The index was down 0.25 percent on the day at 4406 as of this writing. On Wednesday, the Automatic Data Processing (ADP) Research Institute released monthly dismal job data far less than the market expectation.

Key Levels
Resistance Levels:4560, 4500, 4431
Support Levels: 4400, 4350, 4300
S&P 500 Long term Trend: Ranging
As sellers finally look to take advantage of the medium-term correction, the index is battling to maintain its rise above the 4400 support zone. Meanwhile, the bearish pressure is projected to weaken and remain around the mid-4300 levels, as the market trades above the 4300 support level, consolidating further into the next session.

The RSI is currently headed towards its midlines, while the price has swung lower after a pullback from the 4431 marks in the previous trading week, confirming the sideways view. In the medium term, the moving average 13 holds its place and may move slightly horizontally.
S&P 500 Short term Trend: Ranging
The S&P 500 index has been in upside consolidation in the near term after breaking through the resistance zone of 4400 levels in the prior week. As the price fell below the 4 hour MA 5 and 13, a retest of the closest support at 4400 levels is expected before the price retreats further.

The S&P 500 support zone around 4375 must hold to keep the immediate risk reduced for a return to 4431, above which we find resistance at the top of the moving averages at 4500, which should cap the gain initially.

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S&P 500 Trades in the Positive Territory Pre-Fed During the Mid-Week

28 July 2021 | Updated: 28 July 2021

S&P 500 Price Analysis – June 28

The S&P 500 Index is currently up 0.46 percent at 4,412, after reaching a new all-time high of 4,426.1 on Monday. Followed by gradual gains, pre-Fed decision cautionary trading and worldwide concerns about growing covid cases continue to constrain upside attempts. Besides that, the S&P 500’s major sectors all fell after the opening bell on Tuesday.

Key Levels
Resistance Levels: 4550, 4500, 4450
Support Levels: 4375, 4235, 4150
S&P 500 Long term Trend: Bullish
The S&P 500 index rebounded on the 4389.3 level and the 5-moving average, resuming its upward trend. The price is currently finding resistance at the horizontal line at 4420 and is trending horizontally. The RSI is likewise trending sideways, indicating that the upward movement is being stifled.

The buying pressure could remain intact if the index continues to close the day above the moving average 5, which is now noted above the level at 4400 levels. To the upside, lingering pressure over the last few days has stifled gains beneath the 4450 level.
S&P 500 Short term Trend: Bullish
In the short term, if buyers can break through the horizontal resistance at 4426 levels, an attempt to register a fresh all-time high of 4450 could occur. If these restraints are removed, resistance may emerge at a higher degree.

If sellers force the pair below the critical 4400 levels, as well as the 4-hour moving averages 5 and 13, the chance of a move lower to the 4300 levels increases. If selling pressure remains, the critical support levels of 4235 and 4150, which coincide with the ascending trendline from March, could act as a stopgap.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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