S&P 500 Struggles to Maintain Upside Bias Beyond the 3400 Level

S&P 500 Price Analysis – October 6

During Tuesday’s American session, S&P 500 alternates around 3400 marks, down 0.07 percent intraday. In doing so, the risk barometer separates paths from the upbeat output of Monday that analyzed the highs of mid-September. The speech of Fed Chair Powell, Trump’s update to COVID-19 to decide subsequently.

Key Levels
Resistance Levels: 3522, 3477, 3400
Support Levels: 3318, 3210, 3118
S&P 500 Long term Trend: Ranging
The S&P 500 index rebounded on the 3311 Level and the moving average of 13 areas, shifting back to the upside. Currently, the price is found resistance at the horizontal line at 3400 and the price is moving horizontally. The RSI is also heading sideways failing to support the upside movement.

If the index fails to close the day above the moving average 5, which is currently seen beneath the level at 3400 levels, the buying pressure could remain intact. To the upside, emanating pressure over the last couple of days has denied upside moves beyond the 3400 area.
S&P 500 Short term Trend: Ranging
In the short time frame, If buyers manage to jump hold beyond the horizontal resistance at 3400 levels, a revisit of the all-time high of 3588.24 level could unfold. Overcoming these constrictions could see resistance develop at a higher level.

Otherwise, if sellers drive the pair below the key 3400 levels and the 4-hour moving average 5 and 13 it may increase the risk of a move lower towards the 3350 levels. In the event selling interest persists, the key support region of 3210 and the 3118 levels, which overlaps with the ascending trendline from March could halt the decline.

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