S&P 500 May Experience Further Corrective Pullback Lower

S&P 500 Price Analysis – September 22

The S&P 500 is projected to have more corrective weakness as it approaches a cluster of limitations beneath the 4330/4300. The index is picking up bids, snapping a four-day decline roughly from 4348 up 0.77 percent intraday on Wednesday, the first upward daily move in the past 5 days.

Key Levels
Resistance Levels: 4600, 4500, 4400
Support Levels: 4300, 4200, 4100
S&P 500 Long term Trend: Ranging
On the daily charts, the bulls have made a positive move away from the falling trend, and the index may try to break through the 4400 resistance level. Meanwhile, if the bulls are unable to reclaim control at this point, a retracement towards the next support around 4266 levels is possible.

The longer-term bias remains cautiously higher, with first resistance at 4400, which must be overcome to clear the way for a move into 4500 levels. However, we may see a more rigorous evaluation of a cluster of projection levels in the 4431/4465 area in the future.
S&P 500 Short term Trend: Ranging
In the 4-hour chart, the S&P 500 index fell below the all-time high of 4551 and slid marginally below the short-term moving averages 5 and 13. While the price stays in the positive zone, the relative strength index is hovering below its midpoint. If the bears gain control, horizontal support at the 4300 levels could provide instant support.

On the other hand, an upside extension might push the index to its all-time high of 4551 and then to the 4600 resistance level. Despite the ongoing pullback, the S&P 500 index is expected to continue to rise shortly.

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