S&P 500 Price May Fall as Bears Are Returning to Market

 

 

S&P 500 Price Analysis – February 08

Should the bears penetrate the support level of $4414, S&P 500 will decline to $4299 and $4207 levels. In case the bulls gain more pressure and break up $4539 resistance level, then, $4708 and $4795 may be reached.

S&P 500 Market

Key levels:

Resistance levels: $4539, $4708, $4795

Support levels: $4414, $4299, $4207

 

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the weekly chart. The price continue to obey the bearish chart pattern formed on the weekly chart. The weekly chart formed “M” chart pattern at $4708 resistance level. Last week, the price pulled back at $4414 level, it moved towards the resistance level of $4539, it has not reach the mentioned mark. The bears are trying to return the S&P 500 to bearish trend.

S&P 500 is trading below the 9 periods EMA and the 21 periods EMA at distance which indicate that bears’ pressure is increasing in the S&P 500 market. The relative strength index period 14 is at 50 levels with the signal lines pointing down to indicate sell signal. Should the bears penetrate the support level of $4414, S&P 500 will decline to $4299 and $4207 levels. In case the bulls gain more pressure and break up $4539 resistance level, then, $4708 and $4795 may be reached.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish movement on the daily chart outlook. The bulls dominated market last week. The price was heading towards $4708. The bears interrupt the upward movement. The price is currently facing south direction. Bears are returning to the market.

The price is trading between the 9 periods EMA and 21 periods EMA as an indication of bearish movement. The relative strength index period 14 is below 50 levels displaying sell signal.