S&P 500 Index Unable To Sustain Climb, Retreats From Historic High

27 October 2021 | Updated: 27 October 2021

S&P 500 Price Analysis – October 27

The S&P 500 index failed to sustain an upside run, falling from an all-time high of 4,599 to 4,557 in early Wednesday trading. Aside from the Fed’s tapering tantrums, there is a cautious mood ahead of the critical advance estimate of US Q3 GDP.

Key Levels
Resistance Levels: 4700, 4650, 4600
Support Levels: 4551, 4500, 4465
S&P 500 Long term Trend: Bullish
The S&P 500 encountered resistance at 4585, with the next weekly high restraining upside near 4600. On the way up, the bulls are likely to face a few small roadblocks. At 4551 levels, strong support could jeopardize the bears’ engagement.

The support cluster, on the other hand, is located around 4500 levels, which is higher than the previous month’s convergence. If the latter is breached, the support at level 4465, which is the confluence of the moving average 5 and 13, followed by the ascending trendline support, may be tried.
S&P 500 Short term trend: Ranging
On the 4-hour time frame, the technical analysis context of the S&P 500 index is currently in a very fascinating zone. A break above the 4600 levels would be bullish, but a break below the 4551 levels at the horizontal support line would keep the uptrend unstable.

Examining the signs from the previous session, they showed a bullish push forward. Though dropping, the relative strength stays above 50 midlines. Both the 5 and 13 moving averages have tilted lower and may be approaching a crossover past the 4551 levels.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.