S&P 500 Price: Bearish Trend May Continue After a Pullback

Sellers’ momentum may increase in S&P 500 market

S&P 500 Price Analysis – 23 April

If the $5056 level holds, the S&P 500 may rise and break up into the resistance levels of $5108, $5196, and $5265. The price will be exposed to the support levels at $4968 and 44876 if the $5056 support level breaks.

Key Levels:

Resistance levels: $5108, $5196, $5265

Support levels: $5056, $4968, $4876

S&P 500 Long-term trend: Bearish

The S&P 500 Index is declining, according to the daily chart. The S&P 500 index has been dominated by buyers since October of last year. On April 1, the resistance level of $5262 was put to the test following the breakdown of other barrier levels. By holding firm at the stated price, the sellers are halting additional price increases. There have been strong bearish daily candles, and the price is currently falling below $5108.

If the $5056 level holds, the S&P 500 may rise and break up into the resistance levels of $5108, $5196, and $5265. The price will be exposed to the support levels at $4968 and 44876 if the $5056 support level breaks. Both the Hull Suite forex signals and the QQE MOD histogram point to a sell. It might carry on with the downward trend.

S&P 500 Medium-term Trend: Bearish

The 4-hour chart of the S&P 500 shows declining tendencies. Due to the bulls’ strong momentum over the past few weeks, the price has been rising over the $5196 resistance level. As the price has risen, the bulls have held fast to the previously established level. A bearish engulfing candle developed last week, and the price fell. The price target of $4968 is likely to be met.

The Hull Suite indicator is more costly than the S&P 500. There is a sell indication when the QQE MOD indicator is below zero.

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