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


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.

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.