S&P 500 Price: A Bearish Reversal at $5666 Level

Sellers are dominating S&P 500 market

S&P 500 Price Analysis – 10 September

If the $5419 level holds, the S&P 500 can rise and split into the resistance levels of $5500, $5581, and $5666. The price may test the $5345 and $5264 support levels if the $5419 support level is destroyed.

Key Levels:

Resistance levels: $5500, $5581, $5666

Support levels: $5419, $5345, $5264

S&P 500 Long-term trend: Bearish

The S&P 500 Index’s daily chart indicate a decreasing trend. Since August 5, acquisitions have been the index’s main catalyst. On August 13, there was a further attempt to cross the $5500 threshold. This project approved and the price reached the resistance level of $5666. By Maintaining the agreed upon pricing at the level just mentioned, the sellers avoided further price Increase. The bearish reversal chart pattern was formed; that is double top. The price of S&P 500 is currently reduced to $5419 level.

If the $5419 level holds, the S&P 500 can rise and split into the resistance levels of $5500, $5581, and $5666. The price may test the $5345 and $5264 support levels if the $5419 support level is destroyed. Both the Hull Suite crypto signals and the QQE MOD histogram suggest a sell. Maybe it will keep going in the right direction.

S&P 500 Medium-term Trend: Bearish

The 4-hour chart of the S&P 500 shows declination patterns. The strong activity of the bears over the past two weeks prevented the price from breaking above the $5666 barrier level. As the price has been rising, the bulls have held onto the previously established level. Last week, the price bounced off  $5666 due to an engulfing double top chart pattern. The desired price is $5419. As of the now, bulls are trading below $5500.

The Hull Suite indicator is more expensive than the S&P 500. A clear sell signal is indicated if the QQE MOD indicator is lower than zero.

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