Sellers’ momentum may increase soon in S&P 500 market
S&P 500 Price Analysis – 16 May
When buying pressure picks up, the S&P 500 may break through the $4160 resistance level, and further buying could drive the price up to the $4330 and $4586 levels. The price may revert and fall in the direction of the support levels of $3909, $3775, and $3651 if the $4160 resistance level is held
Key Levels:
Resistance levels: $4160, $4330, $4586
Support levels: $3909, $3775, $3651
S&P 500 Long-term trend: Bullish
S&P 500 is moving in a bullish direction on the daily chart. On March 9, a support level of $3909 was breached. As there was little to no selling pressure, it was unable to reach the $3775 support level. When the client requested it, it cooperated with the increased pressure on pricing. The price started to go up on March 16 and peaked at $4160. Past the dynamic resistance level, the price rises. Increased buying pressure led to an increase in the $4160 barrier level. Price is consolidating around $4160 presently trying to break through.
When buying pressure picks up, the S&P 500 may break through the $4160 resistance level, and further buying could drive the price up to the $4330 and $4586 levels. The price may revert and fall in the direction of the support levels of $3909, $3775, and $3651 if the $4160 resistance level is held. The relative strength index period 14 is at 51 and the signal line heading downward represents a sell signal.
S&P 500 Medium-term Trend: Bullish
On the 4-hour chart, the S&P 500 is in the bullish direction. The sellers kept the S&P 500 price from sharply rising by holding the $4160 barrier level. Once it passed the $3909 support level, selling pressure caused the price to decline. Following the success of the $3775 that hold, the price was moving toward the resistance level of $4160. The price is currently ranging between the $4160 barrier level and the $3909 level.
The S&P 500 price is currently trading around both the 9- and 21-period exponential moving averages. On the Relative Strength Index period 14, at level 47, a bearish signal is discernible.
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