S&P 500 Price May Experience a Bearish Reversal at $4180 Level

Sellers’ momentum may increase in S&P 500 market

S&P 500 Price Analysis – 02 May

In case buying pressure picks up, the S&P 500 may surpass the $4180 resistance level, and further buying could drive the price up to the $4276 and $4364 levels. The price may revert and fall in the direction of the support levels of $4087, $3927, and $3806 if the $4180 resistance level is held.

Key Levels:

Resistance levels: $4180, $4276, $4364

Support levels: $4087, $3927, $3806

S&P 500 Long-term trend: Bullish

On the daily chart, S&P 500 is moving in a bullish direction. On March 9, a support level of $3927 was breached. There was little to no selling pressure, making it unable to reach the $3806 support level. As pricing came under even more pressure, it complied with customer requests. The price of the good started to increase on March 16 and peaked at $4087. Past the dynamic resistance level, the price rises. Under stronger buying pressure, the $4087 barrier level fell. Price is presently trying to cross the $4180 threshold after retracing to $4087.

In case buying pressure picks up, the S&P 500 may surpass the $4180 resistance level, and further buying could drive the price up to the $4276 and $4364 levels. The price may revert and fall in the direction of the support levels of $4087, $3927, and $3806 if the $4180 resistance level is held. The relative strength index period 14 is at 53 and the signal line pointing downward indicates a sell signal.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is in the bullish direction. By holding the $4180 resistance level, the sellers prevented the price of the S&P 500 from climbing sharply. Once the price passed the $3927 support level, selling pressure caused the price to decline. Following the failure of the $3927 to hold, the price was moving toward $3740. The price is currently pulling back from the resistance level of $4180 as sellers outnumber buyers.

The S&P 500 price is currently trading below both the 9- and 21-period exponential moving averages. On the Relative Strength Index period 14, at level 49, a bearish signal is discernible.

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