S&P 500 Falls Short at the 4810.0 Resistance Zone

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S&P 500 Price Analysis – January 19

S&P 500 falls short at the 4810.0 resistance zone. Price has been gyrating through an ascending parallel channel. Bulls show their prowess by pushing the market to the upper half of the channel. However, towards the end of November 2021, S&P 500 started showing notable weaknesses as the price keeps falling and rising above the channel’s middle line. In early 2022, the market falls short at 4810.0.

S&P 500 Significant Levels

Resistance Zones: 5000.0, 4810.0
Support Zones: 4581.0, 4467.0

S&P 500 Long Term Trend: Bullish

The market’s uptrend movement has been a long-term trend for the S&P 500. This shows the stronghold of the bulls on the market. However, there are points of weakness here and there as the price pushes upwards. Very notable is the market dip that occurred in September 2021, which led to a drop to the lower half of the channel on the 4305.0 support line. Nevertheless, the bulls recovered in time to regain control and price with consecutive bullish candles to the upper half.

Another market weakness has invaded the market from the end of December 2021 to the beginning of the year 2022. Therefore, the price falls to the channel’s middle line, which confluences with 4581.0. There was a brief drop below this level before the market recovered. There was a similar incident shortly after that. In the new year, the price has dropped back to the 4305.0 level, which is now close to the channel’s lower border. Bulls, on the other hand, are expected to recover from this level in due course.

S&P 500 Short Term Trend: Bullish

On the 4-hour chart, the price has begun a reversal from the lower border of the parallel channel. The RSI (Relative Strength Index) indicator has its signal line driving upwards from an oversold status. The same can be said of the Stochastic Oscillator, which has also crossed upward from the oversold region. The market is expected to rise again to break through 4810.0.

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