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Sellers are dominating S&P 500 market
S&P 500 Price Analysis – 22 August
The price may continue going in the direction of the support levels of $4364, $4276, and $4180 if the $4476 level is maintained. If the $4476 resistance level is breached, the price might rise to the $4631 resistance level and keep rising until it reaches $4723.
Key Levels:
Resistance levels: $4476, $4631, $4723
Support levels: $4364, $4276, $4180
S&P 500 Long-term trend: Bearish
On the daily chart, the S&P 500 is moving in the bearish direction. When there was buying pressure in the S&P market, the price was able to surpass the $3631 resistance level and peaked at $4631 level. Because bulls were unable to push the price higher than the previous level; their momentum was exhausted. Rising negative pressure started on July 27 and broke through the $4476 barrier. The price is currently reverting toward the $4364 support level as a result of rising bearish pressure.
The price may continue going in the direction of the support levels of $4364, $4276, and $4180 if the $4476 level is maintained. The relative strength index period 14 is at 40 and the signal line heading upward represents a buy signal which may be a pullback. If the $4476 resistance level is breached, the price might rise to the $4631 resistance level and keep rising until it reaches $4723.
S&P 500 Medium-term Trend: Bearish
On the 4-hour chart, the S&P 500 is trending downward. By holding the $4476 barrier level, the sellers were able to stop the S&P 500’s price from significantly increasing. Consumer demand soared and the price started to fall as soon as it passed the $4631 barrier level. The psychological ceiling of $4476 was in sight as the price fell. It’s possible that the $4364 threshold level is crossed as selling pressure grew. The current objective level is $4364 support level.
The S&P 500’s price is currently below both the exponential moving averages of 9 and 21 periods. The Relative Strength Index period 14 at level 36 displays a bullish signal which may be a pullback.
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