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.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.