Bears dominate S&P market
S&P 500 Price Analysis – 08 April
If the $4813 position holds, the S&P 500 can climb and go into the resistance levels of $5010, $5123, and $5192. If the price breaks through the $4813 support level, it might test the $4721 and $4613 possibilities.
Key Levels:
Resistance levels: $5010, $5123, $5192
Support levels: $4813, $4721, $4613
S&P 500 Long-term trend: Bearish
The daily chart of the S&P 500 Index shows a negative trend. The market has been dominated by bears for almost two weeks. Subtractions have been the primary driver of the indicator since February 19. Another attempt to attain the $5192 milestone was made on February 18; further visitors are expected if the request is granted. The performance double-top bearish reversal map pattern held up at $5010, and the suppliers were able to temporarily stop further price increase by maintaining the fixed price at the first location specified. From its $5192 position, the S&P 500 declines to the $4813 barrier level. The price is currently decreasing near $4813.
If the $4813 position holds, the S&P 500 can climb and go into the resistance levels of $5010, $5123, and $5192. If the price breaks through the $4813 support level, it might test the $4721 and $4613 possibilities. The QQE MOD histogram and the Hull Suite crypto signals both point to a sale. It may all go according to plan.
S&P 500 Medium-term Trend: Bearish
The S&P 500’s 4-hour graphic displays a downward trend. The bears’ strong resistance has prevented the price from breaking above the $5192 hedge position for the first week. The bears have remained stable at their designated positions as the price has been declining. The price is currently falling toward $4813 due to an engulfing candle pattern. The price of the S&P 500 has been falling since it peaked at $5875.
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