S&P 500 Price Analysis – June 07
In case the resistance level of $4169 is defended by the bears, price may face support levels at $4087, $4019 and $3927. S&P 500 may penetrate resistance level at $4169, and further increase in price may reach $4276 and $4364 resistance levels.
Key levels:
Resistance levels: $4169, $4276, $4364
Support levels: $4087, $4019, $3927
S&P 500 Long-term trend: Bullish
S&P 500 is bullish on the daily chart. The buyers’ momentum become weak when price reached the level of $4169. The sellers’ pressure is equally weak, thus, the price commences a ranging market within the mentioned levels. There was no significant movement in the S&P 500 market last week. The buyers’ pressure may push the price to the resistance level of $4276.
S&P 500 is trading above the 9 periods EMA and the 21 periods EMA at close range which connote a gradual increase in the bulls’ pressure. The relative strength index period 14 is at 49 levels with the signal lines parallel to the level which indicate low traders’ momentum. In case the resistance level of $4169 is defended by the bears, price may face support levels at $4087, $4019 and $3927. S&P 500 may penetrate resistance level at $4169, and further increase in price may reach $4276 and $4364 resistance levels.
S&P 500 Medium-term Trend: Ranging
S&P 500 is on the ranging movement on the 4-hour chart outlook. The bulls’ pressure failed at the resistance level of $4169. The price could not breaks up the resistance levels of $4169. Price is ranging within $4169 and $4087 levels as the bulls’ and bears’ pressure is low. The price may break down the support level of $4087 provided sellers exert more pressure.
The price is trading between the 9 periods EMA and 21 periods EMA as an indication of ranging movement. The relative strength index period 14 is at 52 levels displaying bearish signal.
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