S&P 500 Price: Sellers May Overpower Buyers at $4169

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Sellers’ momentum may increase in S&P 500 market

S&P 500 Price Analysis – 04 April

In case buying pressure picks up, the S&P 500 might breach the $4169 resistance level, and more buying could drive the price up to the $4276 and $4354 levels. The price may reverse and decrease in the direction of the support levels of $4087, $3927, and $3806 if the $4169 resistance level is held.

Price Levels:

Resistance levels: $4169, $4276, $4364

Support levels: $4087, $3927, $3806

S&P 500 Long-term trend: Bullish

S&P 500 is moving in a bullish direction in the daily chart. On 09 March, a support level of $3927 was breached. The price was unable to reach the support level of $3806 due to the absence of sellers’ impetus. It complied with the buyers’ requests as they increased the pressure on the price. On March 16, the commodity’s price started to rise, reaching a high of $4087. Price rise above the level of dynamic resistance. Further buying pressure caused the $4087 resistance level to break up. Now, the price is pulling back to retest $4087.

The 9-period EMA is higher than the 21-period EMA. In case buying pressure picks up, the S&P 500 might breach the $4169 resistance level, and more buying could drive the price up to the $4276 and $4354 levels. The price may reverse and decrease in the direction of the support levels of $4087, $3927, and $3806 if the $4169 resistance level is held. The relative strength index period 14 is at 60 and the signal line is pointing down, giving a sell signal that may also be a pullback.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is in the bullish direction. The sellers kept the S&P 500 price from sharply rising by holding the $4169 resistance level. Selling pressure resulted in a price drop as soon as the price surpassed the $3927 support level. After the $3927 failed to hold, the price was heading in the direction of $3740. Buyers are interfering with sellers, and the price is currently heading toward the previous high at $4169.

The price of the S&P 500 is trading higher than both the exponential moving averages of 9 and 21 periods. A bearish signal is visible on the Relative Strength Index period 14 at level 64.

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