S&P 500 Price Is Targeting Previous Low at $3927 Support Level
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S&P 500 Price Is Targeting Previous Low at $3927 Support Level

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Azeez Mustapha

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S&P 500 Price Analysis – May 10

S&P 500 breaks down the previous low at $4020 support level, and further decrease in price may reach $3927, $3832 and $3740 support levels. In case the support level of $3927 is defended by the bulls, price may face resistance levels at $4020, $4087 and $4137 levels.

Key levels:

Resistance levels: $4020, $4087, $4137

Support levels: $3927, $3832, $3740

 

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the daily chart. Sellers interrupted the bullish pressure at $4276 on 05 April with the formation of candle pattern called inside bar. The bulls could not propel the price above the resistance level of $4276. The price of S&P 500 declines and penetrated the former support levels of $4087 and $4020 downside. The support level of $3927 is expose to the price at the moment.

The trading of S&P 500 continues below the 9 periods EMA and the 21 periods EMA which connote an increase in the bears’ pressure. The relative strength index period 14 is at 32 levels with the signal lines pointing down to indicate sell signal. S&P 500 breaks down the previous low at $4020 support level, and further decrease in price may reach $3927, $3832 and $3740 support levels. In case the support level of $3927 is defended by the bulls, price may face resistance levels at $4020, $4087 and $4137 levels.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish trend on the 4-hour chart outlook. Price is fallen as the bears’ pressure increases. The price pulled back when it tested the support level of $4087. Bearish movement was restored at $4076 level. Price is declining further, targeting the support level of $3927.

The price is trading below the 9 periods EMA and 21 periods EMA at distance as an indication of bearish movement. The relative strength index period 14 is at 32 levels displaying bearish signal.

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