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Sellers’ pressure is increasing in S&P 500 market
S&P 500 Price Analysis – 24 October
S&P 500 may proceed to fall toward the support levels of $4180, $4087, and $3927 if the $4277 level is held. The 34 rating for the period 14 relative strength index and the signal line’s downward trend both suggest selling. The price can increase to the barrier level of $4277 and then keep going up until it hits $4436.
Key Levels:
Resistance levels: $4277, $4340, $4436
Support levels: $4180, $4087, $3927
S&P 500 Long-term trend: Bearish
The S&P 500 is on a bearish trend. Since September 1st, sellers have been in charge of the S&P market’s pricing. When the $4606 resistance level was approached, a bearish reversal; “M” chart pattern appeared. On October 3, there was a test of $4180 due to the selling pressure. When the $4277 support level was crossed. Buyers defended of the $4180 support level resulting in to price retracement to 44436 level. Right now, the market is being dominated by the bears and the price pushed toward $4180 level.
The price may proceed to fall toward the support levels of $4180, $4087, and $3927 if the $4277 level is held. The 34 rating for the period 14 relative strength index and the signal line’s downward trend both suggest selling. The price can increase to the barrier level of $4277 and then keep going up until it hits $4436.
S&P 500 Medium-term Trend: Bearish
On the 4-hour chart, the S&P 500 is bearish. The price dropped below the $4180 support level as a result of the double-top chart pattern that formed around the resistance level of $4529. A price retracement was carried out when bulls defended $4180 level. On October 23, a bearish engulfing candle formed, and the price is still decreasing toward the $4180 mark.
As of right now, the S&P 500’s price has surpassed its exponential moving averages with nine and twenty-one periods. The Relative Strength Index period 14 indicates a negative signal at level 33.
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