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.
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