S&P 500 Price Is Targeting $4740 Support Level

Bearish pressure may increase in S&P 500 market

S&P 500 Price Analysis – 20 December

In case the momentum of the sellers increase, S&P 500 may break down the support level of $3740, and a further increase in sellers’ pressure may reduce the price to $3649 and $3493 levels.  Should the support level of $3740 holds, the price can reverse and increase toward the resistance levels of $3926, $4087, and $4169.

Key levels:

Resistance levels: $3926, $4087, $4169

Support levels:  $3740, $3649, $3493

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. The bulls could not maintain their momentum when the price reached the resistance level of $4087. A small double-top chart pattern formed at the mentioned level; is an indication that sellers are ready to dominate the market. The sellers’ pressure increased and the price penetrated the support level of $3926. It is currently targeting the support level of $3740.

S&P 500 is trading below the 9-periods EMA and the 21-period EMA which indicates bearish momentum. In case the momentum of the sellers increase, S&P 500 may break down the support level of $3740, and a further increase in sellers’ pressure may reduce the price to $3649 and $3493 levels.  Should the support level of $3740 holds, the price can reverse and increase toward the resistance levels of $3926, $4087 and $4169. The relative strength index period 14 is at 40 levels with the signal line pointing down to indicate a sell signal.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on a bearish movement in the 4-hour chart outlook.  The price action formed an “M” chart pattern in the 4-hour time frame. The price increased to the resistance level of $4087. It pulled back to retest the support level of $3937, the just mentioned level holds. The price is obeying the command from the bearish chart pattern formed.  

The price is trading below the 9-periods EMA and 21-periods EMA as an indication of bearish movement. The relative strength index period 14 is at 35 levels displaying a bearish signal.

You can purchase Lucky Block here.  Buy LBLOCK