S&P 500 Is Stalling Below $4,810 as It Aims for Higher Price Levels

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S&P 500 Price Analysis – January 5

S&P 500 is stalling below the $4,810 significant level as it aims to break more ground. Though the market bears have been subdued for a while, they are found to rear their heads at intervals, such that they impede the price upward movement. Such an instance is what the S&P 500 just recovered from. On November 30th of last year, the bears stepped in to impede the market and left it stalling below $4,720 till the next month.

 

S&P 500 Significant Levels

Resistance Levels: $5,000, $4,810, $4,720

Support Levels: $4,050, $4,270, $4,500

S&P 500 Long Term Trend: Ranging

Earlier in 2021, the market was also stalling below the $4,500 significant level. S&P 500 kept ranging between $4,500 and $4,270. The situation even threatened to derail the market off its uptrend course, but the bulls recovered excellently to break past the $4,500 resistance and maintain an increased liquidity value. This then lifted the price to $4,720, where another consolidation occurred.

 

Having broken out of the ranging phase below the $4,720 significant level, quite prematurely, the price has been caught again below the $4,810 price level. This is just a 1.88% price increase from the last level where the price was arrested. This could signal increasing bearish strength. The Stochastic Oscillator already signals an overbought situation, and we can expect to see a retracement sooner rather than later. If the bulls don’t step up their game, the bears could capitalize.

S&P 500 Short Term Trend: Ranging

The 4-hour chart shows that the price has been knocked back from $4,810 on four occasions, giving bears more clout in the market. The EFI (Elders Force Index) indicator shows its power line to have plunged considerably into a negative value. The Stochastic Oscillator lines are also falling as a result of the overbought condition. The price is likely to keep ranging between $4,810 and $4,720 till the market’s forces drive the price higher (or lower).

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