S&P 500 Price: Buyers May Dominate Market Soon
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S&P 500 Price: Buyers May Dominate Market Soon

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:


S&P 500 Price Analysis – May 17

S&P 500 breaks down the previous low at $4020 support level, and further decrease in price may reach $3927, $3832 and $3740 support levels. In case the support level of $3927 is defended by the bulls, price may face resistance levels at $4020, $4087 and $4137 levels.

Key levels:

Resistance levels: $4020, $4087, $4137

Support levels: $3927, $3832, $3740

 

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. There was no significant movement in the S&P 500 market last week. After the Sellers’ interruption, the bullish pressure was seized at $4276 with the formation of candle pattern called inside bar. The bulls could not propel the price above the resistance level of $4276. The price of S&P 500 declines and penetrated the former support levels of $4020 downside. Bearish momentum increases and the support level of $3927 was tested.

S&P 500 is trading below the 9 periods EMA and the 21 periods EMA at close contact which connote a decrease in the bears’ pressure. The relative strength index period 14 is at 38 levels with the signal lines pointing up to indicate buy signal. S&P 500 tested the previous low at $3927 support level, and further decrease in price may reach $3832 and $3740 support levels. In case the support level of $3927 is defended by the bulls, price may face resistance levels at $4020, $4087 and $4137 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. It seems the bears’ pressure is failing gradually as the price breaks up the dynamic resistance level of 9 EMA. Price is risen as the bears’ pressure decreases. The price bounced up when it tested the support level of $832. Bullish movement may commence.

The price is trading between the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 41 levels displaying bullish signal.

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