S&P 500 Price Bounces Off $4631 Resistance Level

An increase in Sellers’ pressure may decrease price to the $4364 level

S&P 500 Price Analysis – 08 August

If the $4631 level is maintained, the price may reverse and fall in the direction of the support levels of $4476, $4364, and $4276. In case the $4631 level is broken, the price may surpass the $4723 resistance level and continue to rise as high as $4813

Key Levels:

Resistance levels: $4631, $4723, $4813

Support levels: $4476, $4364, $4276

S&P 500 Long-term trend: Bearish

On the daily chart, the S&P 500 is moving in the bearish direction. When there was little to no selling pressure in the S&P market, price was unable to hit the $3740 support level. Bullish pressure rises started on March 16 and peaked at $4631. It seems the bulls were exhausted and could not push the price above the just-mentioned level. Bears gathered more pressure and the price is currently pulling back to retest $4476 support level.

If the $4631 level is maintained, the price may reverse and fall in the direction of the support levels of $4476, $4364, and $4276. A sell signal is shown by the relative strength index period 14 being at 46 and the signal line pointing downward. If the $4631 level is broken, the price may surpass the $4723 resistance level and continue to rise as high as $4813.

S&P 500 Medium-term Trend: Bearish

On the 4-hour chart, the S&P 500 is trending downward. By holding the $4631 barrier level, the sellers were able to stop the price of the S&P 500 from rising much. The price started to fall as soon as it bounced off the $4631 barrier level as consumer demand increased. The psychological ceiling of $4476 was in sight as the price decreased. When the selling pressure grew, the $4476 threshold level may be crossed. The current objective level is $4364.

The S&P 500 price is currently lower below both the 9- and 21-period exponential moving averages. The Relative Strength Index period 14 at level 39 displays a bearish signal.

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