S&P 500 Price Is Targeting $4157 Support Level

Bears’ pressure increase in S&P 500 market

S&P 500 Price Analysis – 03 October

S&P 500 may continue to move in the direction of the support levels of $4157, $3909, and $3775 if the $4330 level is held. If the $4330 resistance level is broken, price may increase to the $4586 barrier level and then keep rising until it reaches $4529 level.

Key Levels:

Resistance levels: $4330, $4586, $4529

Support levels: $4157, $3909, $3775

S&P 500 Long-term trend: Bearish

The S&P 500 is going lower on the daily chart. Last month, the pricing of the S&P market was in the hands of the purchasers. When there was buying pressure, the bullish trend broke through the $4157 resistance level and reached its peak at the $4586 level. The sellers’ defense of the $4586 resistance with the formation of the “M” chart pattern and tempered the bulls’ excitement. The sellers’ pressure is effective at that point and the $4330 level was broken downside. The market is currently being driven toward the $4157 level by the bears.

 

S&P 500 may continue to move in the direction of the support levels of $4157, $3909, and $3775 if the $4330 level is held. The period 14 relative strength index rating of 34 and the downward trend of the signal line both indicate selling. If the $4330 resistance level is broken, the price may increase to the $4586 barrier level and then keep rising until it reaches $4529 level.

S&P 500 Medium-term Trend: Bearish

The S&P 500’s 4-hour chart reveals a trend of decline. The formation of the Double Top chart pattern triggered a bearish movement. The sellers were able to prevent the S&P 500’s price from sharply rising over the previous three weeks. Consumer demand increased and the price started to decline as soon as it passed the $4330 barrier level. The psychological ceiling of $4157 was in sight as the price fell. Price may decline below the recently mentioned threshold.

The S&P 500’s price is currently lower than both its nine-period and twenty-one-period exponential moving averages. The Relative Strength Index period 14 displays a bullish signal at level 33 that may portend a pullback.

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