S&P 500 Price: Bears May Exert More Pressure to Break Down $4364 Level

S&P 500 Price Analysis – April 12

In case the support level of $4364 is defended by the bulls, price may pullback and face resistance levels at $44476, $4596 and $4723 levels. An increase in the bears’ momentum may break down the support level of $4364, S&P 500 may decrease to $4312 and $4169 levels.

Key levels:

Resistance levels: $4476, $4596, $4723

Support levels: $4364, $4312, $4169

S&P 500 Long-term trend: Bearish

On the daily chart, S&P 500 is bearish. After the formation a triple bottom chart pattern at the support level of $4169 on March 14, the price increased to test the resistance level of $4596. The just mentioned level holds and the bulls’ pressure could not penetrate it.  Bears accumulated momentum and push the price towards the support level of $4364.

S&P 500 is trading below the 9 periods EMA and the 21 periods EMA which indicate a bearish trend in the S&P 500 market. The relative strength index period 14 is at 44 levels with the signal lines pointing down to indicate sell signal. In case the support level of $4364 is defended by the bulls, price may pullback and face resistance levels at $44476, $4596 and $4723 levels. An increase in the bears’ momentum may break down the support level of $4364, S&P 500 may decrease to $4312 and $4169 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. When the buyers’ momentum could not break up the resistance level of $4593. The bullish movement was interrupted at the price level mentioned above. Bears are trying to exert more pressure to break down $4364 support level.

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 37 levels displaying sell signal.

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