S&P 500 Falls Beneath 4,700 Following Rising US Treasury Yields

S&P 500 Price Analysis – November 24

The S&P 500 maintains its negative correction from just shy of the 4750 mark reached on Monday. The index will likely close on the next level of downside contention near 4,650, implying a negative close ahead of the long weekend. Higher US Treasury yields have a negative influence on heavy-tech earnings, causing a sell-off in tech equities.

Key Levels
Resistance Levels: 4,800, 4744, 4720
Support Levels: 4650, 4600, 4551
S&P 500 Long term Trend: Ranging
The S&P 500 is battling to sustain its stride above the 4650 support zone as sellers finally look to take advantage of the medium-term drop. Meanwhile, as the market trades above the 4650 support region, negative pressure is projected to decrease and remain around the 4700 levels, consolidating further into the following session.

The RSI is currently below its oversold points, and the price has swung lower following a retracement from the 4,744 weekly high level in the previous sessions, confirming the range view. In the medium run, the moving average of 13 will remain in place and will migrate horizontally to operate as a price recovery obstacle.
S&P 500 Short term Trend: Ranging
Since breaking through the consolidation region around 4720 levels earlier this week, the S&P 500 index has been on the fall in the short term. Because the price has fallen below the 4 hour MA 5 and 13, a break of the nearest support at 4650 levels is likely before the price retreats further.

The S&P 500 support zone at 4650 must hold to keep the immediate danger low for a return to 4600, above which we find resistance at the top of the moving averages at 4720 levels, which should limit the advance on successive rebounds initially.

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