S&P 500 Price: Bears Are Dominating Market and Further Price Decrease Envisaged

S&P 500 Price Analysis – August 23

S&P 500 may penetrate support level at $4087 downside, there will be a further decrease in price towards $3927 and $3740 levels. Above the price at the moment are resistance levels at $4169, $4276, and $4364.

Key levels:

Resistance levels: $4169, $4276, $4364

Support levels: $4087, $3927, $3740

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. The S&P 500 market was controlled by the bulls for more than ten days. The bullish momentum broke up the former resistance level of $4087 and placed the price at $4276 level. The bullish momentum became weak and the bears defended the mentioned level. The price decreases and turned south. The price is currently trading below $4169 level.

S&P 500 is trading below the 9 periods EMA and the 21 periods EMA which indicate an increase in the sellers’ momentum. When bears’ momentum increase, S&P 500 may penetrate support level at $4087 downside, there will be a further decrease in price towards $3927 and $3740 levels. Above the price at the moment are resistance levels at $4169, $4276, and $4364.  However, the relative strength index period 14 is at 51 levels with the signal lines pointing downside to indicate sell signal.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish movement on the 4-hour chart outlook. The bulls still dominated the market till last week. The bulls steadily follow the direction of the bullish chart pattern; “Double bottom” formed in 4 hour time frame. The price was heading towards $4364 level but could not reach the mark before bears interrupts the bullish movement.

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement. The relative strength index period 14 is at 39 levels bending down displaying bearish signal.

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