S&P 500 Trades Under Key Resistance at 3477 Level As Global Markets Await US Traders’ Return

S&P 500 Price Analysis – September 8

S&P 500 drops beneath 3400 amid the initial hour of Tuesday’s European session. The S&P 500 trades toward a key barrier around 3477 levels but lost momentum. The risk-barometer portrays the general market conditions amid a lack of major data/events.

Key Levels
Resistance Levels: 3588, 3522, 3477
Support Levels: 3350, 3318, 3192
S&P 500 Long term Trend: Bullish
Despite yesterday’s bounce towards the key resistance around the 3477 levels, the barrier stays intact. With a move below here needed in view to confirm a corrective phase is finally underway.

If seen we would then see support at the late August low at 3355 initially and eventually as the trend suggests more importantly a cluster of supports at 3262 levels. Above 3477 levels are needed to ease the immediate downside bias for a move back to 3522 levels, with tougher resistance then seen at 3588 levels.
S&P 500 Short term Trend: Ranging
In brief, the S&P 500 preserves a short-to-medium-term bearish bias beneath the 3400 levels. Moreover, positive sentiment may be reinforced should the ascending trendline support holds.

Overrunning this, the all-time-high of 3588 levels may provide adequate resistance, while attempting to prevent the index from appreciating further. We’ll likely see more short positions below 3477 level with targets at 3350 levels in extension.

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