S&P 500 Price: Bears May Penetrate $4364 Support Level

S&P 500 Price Analysis – April 19

Further increase in the Bears’ pressure may break down the support level of $4364 which may decrease price towards $4276 and $4169 levels. In case the support level of $4364 is defended by the bulls, price may face resistance levels at $44476, $4593 and $4723 levels.

Key levels:

Resistance levels: $4476, $4593, $4723

Support levels: $4364, $4276, $4169

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. The bears prevent further increase in price when it reached the resistance level of $4593. An inside bar candle pattern formed at the mentioned resistance level; this is a bearish reversal signal. Bearish candles were produced and the price reduces. The support level of $4476 was penetrated downside and price testing $4364 level.

S&P 500 continue 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. Further increase in the Bears’ pressure may break down the support level of $4364 which may decrease price towards $4276 and $4169 levels. In case the support level of $4364 is defended by the bulls, price may face resistance levels at $44476, $4593 and $4723 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. Bulls could not continue pushing price above the resistance level of $4593 as the bears reacted against price increase with the formation of an inside bar candle. The price falls and it is trying to break down the support level of $4364.

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 displaying sell signal.

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