S&P 500 Price Bounces Off $4087 Resistance Level, Retesting $3937 Level

Bullish pressure decreases in S&P 500 market

S&P 500 Price Analysis – 06 December

S&P 500 may break down the support level of $3987, and further decrease envisaged towards $3740 and $3649 levels.  The resistance level of $4087 can be penetrated if buyers increase their pressure, then, the resistance levels of $4169, and $4276 may be tested.

Key levels:

Resistance levels: $4087, $4169, $4276

Support levels: $3937, $3740, $3649

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. There was a low volatility in the S&P 500 last week. S&P 500 trades within the resistance level of $4087 and support level of $3987. The bulls tried to break up the resistance level of $4087 but the bears opposed it. In the same way, the bears made an attempt to break down the support level of $3937 but the bulls defended the mentioned level. It pulls back and it is currently testing the support level of $3937.

S&P 500 is trading slightly below the 9-periods EMA and the 21-period EMA, indicating a bearish momentum. When the momentum of the sellers increases, S&P 500 may break down the support level of $3987, and further decrease envisaged towards $3740 and $3649 levels.  The resistance level of $4087 can be penetrated if buyers increase their pressure, then, the resistance levels of $4169, and $4276 may be tested. The relative strength index period 14 is at 49 levels with the signal lines pointing down to indicate a sell signal.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on a bearish movement in the 4-hour chart outlook.  It is under the full control of the bulls. The price broke up resistance levels such as $3740 and $3937. It tested the resistance level of $4087. Today, the price pulled back to retest the support level of $3937.

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 44 levels displaying bearish signal.

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