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S&P 500 price Bounces Off $4476 level
S&P 500 Price Analysis – 27 June
As selling pressure increases, the S&P 500 may break below the $4276 support level, and further, selling could drive the price down to the $4180 and $4087 levels. The price may revert and rise in the direction of the resistance levels of $4364, $4476, and $4631 if the $4276 support level is held
Key Levels:
Resistance levels: $4364, $4476, $4631
Support levels: $4276, $4180, $4087
S&P 500 Long-term trend: Bearish
On the daily chart, the S&P 500 is moving in a bullish trend. The support level of $3927 was broken on March 9. It was unable to reach the $3740 support level since there was little to no selling pressure. The client requested that we increase the pressure on pricing, so we responded. From March 16 until it reached its peak of $4476, the price increased. The price increases past the dynamic resistance level. It bounces off the just-mentioned resistance level and it is currently facing the $4276 support level due to strong selling pressure.
As selling pressure increases, the S&P 500 may break below the $4276 support level, and further, selling could drive the price down to the $4180 and $4087 levels. The price may revert and rise in the direction of the resistance levels of $4364, $4476, and $4631 if the $4276 support level is held. The relative strength index period 14 is at 58 and the signal line heading downward indicates a sell signal.
S&P 500 Medium-term Trend: Bearish
On the 4-hour chart, the S&P 500 is moving in a bearish trend. By maintaining the $3927 barrier level, the purchasers were able to stop the price of the S&P 500 from falling much. The price started to rise as soon as it crossed the $4087 resistance level as purchasing pressure increased. The psychological ceiling of $4479 was in sight as the price increased. When buying pressure picked up, the $4180 threshold level was crossed. At this moment, it is trying to retest the $4276 support level.
The price of the S&P 500 is currently trading below both the 9-period and 21-period exponential moving averages. The Relative Strength Index period 14 at level 51 displays a bearish signal.
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