S&P 500 Price Is Targeting Previous Low at $3740 Support Level

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S&P 500 Price Analysis – September 06

S&P 500 may retest the previous low at $3924 support level, and it may extend to $3740 and $3649 provided sellers’ pressure increases. In case the support level of $3924 is defended by the bulls, price may face resistance levels at $4089, $4168 and $4276 levels.

Key levels:

Resistance levels: $4089, $4168, $4276

Support levels: $3924, $3740, $3649

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. Last two weeks, the price of S&P 500 was bullish. The bullish pressure increased and the price reached the high of $4276 level. Sellers defended the mentioned level with the formation of bearish candles. Bearish engulfing candle emerged at the resistance level of $4276. This scenario increased the bearish momentum and the former support level of $4168 turned to resistance levels. More pressure from the sellers make the price decreases below $$4089 level. At the moment, the price is testing $3924 level.

S&P 500 continues trading below the 9 periods EMA and the 21 periods EMA which indicate an increase in the bears’ momentum. The relative strength index period 14 is at 35 levels with the signal lines pointing down to indicate sell signal. S&P 500 may retest the previous low at $3924 support level, and it may extend to $3740 and $3649 provided sellers’ pressure increases. In case the support level of $3924 is defended by the bulls, price may face resistance levels at $4089, $4168 and $4276 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. Bulls’ pressure was disrupted at the resistance level of $4276 as the bears reacted against price increase with the formation of an inside bar candle. The price falls and break down the $4168 level, it pulled back and retest $4176 level. Further increase of the sellers’ pressure was experienced and it reached $3924 level.

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 28 levels displaying sell signal.

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