S&P 500 Bullish Sentiment Unwavering Towards 3400 Level Before Near Term Correction

S&P 500 Price Analysis – September 29

S&P 500 declines to 3343 levels, after hitting up to 3374 level intraday high, amid the initial hour of European open on Tuesday. Brexit hopes expectations of US stimulus keep trading sentiment unwavering towards the 3400 levels.

Key Levels
Resistance Levels: 3522, 3477, 3400
Support Levels: 3318, 3210, 3118
S&P 500 Long term Trend: Bullish
A rebound from 3210 near term low level suggests the S&P 500 could rise to 3400 levels, targeting potential upside of September 17. A longer-term target of 3588 levels from the technical-analysis pattern is in motion. If the index fails to close the day above the moving average 5 and 13, which is currently seen beneath the level at 3350 levels, the buying pressure could remain intact.

The MA 5 and MA 13 seem to have formed stable support in the 3318-3350 area. On the downside, 3210 (psychological level) aligns with the ascending trendline as key support. A daily close below that level could force the index to extend its slide toward the 3118 levels.
S&P 500 Short term Trend: Ranging
The S&P 500 index has been printing a series of lower lows and lower highs since the start of September in the four-hour chart, reaching a two-month low of 3210 levels last week. The S&P 500 may push for some recovery in the near-term given the improvement in the RSI, which has bottomed twice near its lows before bouncing up.

The price has also managed to overcome its moving average 13 giving another green light to the bulls. In the event, the market pulls back below the 4-hour moving average 13, and horizontal support at 3210 levels, it may open towards the 3118 floors.

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