S&P 500 Price May Break Down $3740 Support Level
Login

S&P 500 Price May Break Down $3740 Support Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Bearish pressure may further increase in S&P 500 market

S&P 500 Price Analysis – 27 December

If the selling pressure picks up, the S&P 500 may breach the $3740 support level, and more pressure from the sellers could drive the price down to $3649 and $3493 levels. Price may reverse and rise toward the resistance levels of $3926, $4087, and $4169 if the support level of $3740 holds

Key levels:

Resistance levels: $3926, $4087, $4169

Support levels:  $3740, $3649, $3493

S&P 500 Long-term trend: Bearish

On the daily chart, the S&P 500 is bearish. When the price surpassed the $4087 barrier mark, the bulls lost their momentum. At the aforementioned level, a minor double-top chart pattern developed; this is a sign that sellers are prepared to take control of the market. The price breached the $3926 support level as the sellers’ pressure grew. Currently, $3740 is being targeted as a support level.

The S&P 500 is trading below both the 9- and 21-period exponential moving averages, which point to bearish momentum. If the selling pressure picks up, the S&P 500 may breach the $3740 support level, and more pressure from the sellers could drive the price down to $3649 and $3493 levels. Price may reverse and rise toward the resistance levels of $3926, $4087, and $4169 if the support level of $3740 holds. With the signal line heading downward and the relative strength index period 14 at 42, a sell signal is being indicated.

S&P 500 Medium-term Trend: Bearish

The S&P 500 is moving bearishly according to the prognosis on the 4-hour chart. In the 4-hour time window, the price movement created an “M” chart pattern. The resistance level of $4087 was reached by the price. The support level of $3937, which it had previously tested, has held. The bearish chart pattern that formed is giving the price direction.

The price is moving in a bearish direction because it is trading below both the 9- and 21-period exponential moving averages. A bearish signal can be seen in the relative strength index period 14 at 41 levels.

You can purchase Lucky Block here.  Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News