S&P 500 Price Is Declining Further Towards $3740 Support Level

Sellers are dominating S&P 500 market

S&P 500 Price Analysis – 14 March

If purchasing pressure picks up, the S&P 500 may break above the $3929 resistance level, and more buying pressure could drive the price up to the $4087 and $4169 levels. The price may revert and fall in the direction of the support levels of $3740, $3649, and $3567 if the $3969 resistance level is retained.

Resistance levels: $3929, $4087, $4169

Support levels: $3740, $3649, $3567

 

S&P 500 Long-term trend: Bearish

S&P 500 is moving in a bearish direction on the daily chart. On February 7th, $4169 was tested as a resistance level. The price was unable to break through the indicated level due to the bullish momentum failing. The price followed the sellers’ orders as they applied increasing pressure. On March 1st, the commodity’s price started to fall, reaching a low of $3927. To retest the dynamic resistance level, the price declined. Further selling pressure caused the $3927 support level to collapse. Currently, the price is hovering around the $3740 mark.

The 9-period EMA has crossed the 21 periods EMA downside. If purchasing pressure picks up, the S&P 500 may break above the $3929 resistance level, and more buying pressure could drive the price up to the $4087 and $4169 levels. The price may revert and fall in the direction of the support levels of $3740, $3649, and $3567 if the $3969 resistance level is retained. The relative strength index period 14 is at 38, and the signal line is pointing up, indicating a purchase signal which may be a pullback.

 

S&P 500 Medium-term Trend: Bearish

On the 4-hour chart, the S&P 500 is in the bearish direction. The sellers held the $4169 resistance level, preventing the S&P 500 from building up much higher. As the price reached the $3927 support level, the selling power ceased. When the previously mentioned level is held, it started to trade bullishly. Sellers defended the $4087 level with strong momentum, and the support level of $3929 was broken downside.

The price may continue to decline this week. The price of the S&P 500 is trading lower 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 37.

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