S&P 500 Price Breaks Down Previous Low of $4171 Support Level, What Else?

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S&P 500 Price Analysis – May 03

S&P 500 breaks down the previous low at $4171 support level, and tests $4087 level, further decrease in price may reach $4019 and $3800 support levels. In case the support level of $4087 is defended by the bulls, price may face resistance levels at $4171, $4276 and $4364 levels.

Key levels:

Resistance levels: $4171, $4276, $4364

Support levels: $4087, $4019, $3800

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. The bulls could not propel the price above the resistance level of $4593. An inside bar candle formed at the resistance level of $4593. The price of S&P 500 declines and penetrated the former support levels of $4364, $4276 and $4171 downside. The support level of $4087 was tested on May 03. It is currently pulling back $4171 level.

S&P 500 continues trading below the 9 periods EMA and the 21 periods EMA which indicate an increase in the bears’ momentum. The relative strength index period 14 is at 36 levels with the signal lines pointing down to indicate sell signal. S&P 500 breaks down the previous low at $4171 support level, and tests $4087 level, further decrease in price may reach $4019 and $3800 support levels. In case the support level of $4087 is defended by the bulls, price may face resistance levels at $4171, $4276 and $4364 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. After the disruption of the Bulls’ pressure at the resistance level of $4593, bears reaction against price increase led to the price declination last week. Price falls and broke down the significant support level of $4171, it pulled back and retest the same level. Further increase of the sellers’ pressure was experienced and it tested $4108 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 30 levels displaying bullish signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.