Bears may continue dominating S&P 500 market
S&P 500 Price Analysis – 21 February
In case selling pressure picks up, the S&P 500 may break through the $3927 support level, and more selling pressure could drive the price down to the $3740 and $3649 levels. The price may revert and increase in the direction of the resistance levels of $4087, $4169, and $4276 if the $3927 support level is retained.
Key levels:
Resistance levels: $4087, $4169, $4276
Support levels: $3927, $3740, $3649
S&P 500 Long-term trend: Bearish
S&P 500 is moving in a bearish direction on the daily chart. It was a nice season for purchasers last two weeks. The price was increasing steadily till it reaches the resistance level of $4169. The bulls’ momentum failed and the mentioned level could not be penetrated. Throughout last week the price was ranging between the $4169 and $4087 levels. On 17 February, sellers forced the price down below $4087 level and the price is heading toward $3827 level.
S&P 500 is now trading below the 9-period and 21-period exponential moving averages. In case selling pressure picks up, the S&P 500 may break through the $3927 support level, and more selling pressure could drive the price down to the $3740 and $3649 levels. The price may revert and increase in the direction of the resistance levels of $4087, $4169, and $4276 if the $3927 support level is retained. The relative strength index period 14 is at 43 and the signal line heading downward represents a sell signal.
S&P 500 Medium-term Trend: Bearish
On the 4-hour chart, the S&P 500 is in the bearish direction. The sellers defended the resistance level of $4169 and the S&P 500 could not increase further. The buyers’ power diminished as the price approached the $4169 resistance level. It resumed trading bearishly when the just mentioned level holds. The price may continue a bearish trend this week.
The current price is below $4169. The S&P 500 price is trading below the 9- and 21-period exponential moving averages. The Relative Strength Index period 14 at level 35 displays a bearish signal.
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