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

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Azeez Mustapha

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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

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