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S&P 500 market may experience increased bearish pressure
S&P 500 Price Analysis – 03 January
S&P 500 may violate the $3740 support level if selling pressure increases, and more selling pressure could push the price as low as $3649 and $3493 levels. If the support level of $3740 holds, the price may turn around and climb toward the resistance levels of $3926, $4087, and $4169.
Key levels:
Resistance levels: $3926, $4087, $4169
Support levels: $3740, $3649, $3493
S&P 500 Long-term trend: Bearish
S&P 500 is in a bearish trend on the daily chart. The bulls lost steam after the price passed the $4087 barrier threshold. A tiny double-top chart pattern formed at the aforementioned level, indicating that sellers are ready to seize control of the market. As the sellers’ pressure increased, the price broke through the $3926 support level. At this time, $3740 is the desired support level.
Bearish momentum is present because the S&P 500 is trading below both the 9- and 21-period exponential moving averages. The S&P 500 may violate the $3740 support level if selling pressure increases, and more selling pressure could push the price as low as $3649 and $3493 levels. If the support level of $3740 holds, the price may turn around and climb toward the resistance levels of $3926, $4087, and $4169. A sell signal is being displayed because the Relative Strength Index period 14 is at 45 and the signal line is moving lower.
S&P 500 Medium-term Trend: Bearish
The 4-hour chart’s forecast indicates that the S&P 500 is headed downward. The price fluctuation in the 4-hour window resulted in an “M” chart pattern. The price surpassed the $4087 barrier mark. It has breached the former support level of $3926, which it had previously tested. The price direction is determined by the bearish chart pattern that was generated.
Because it is trading below both the 9- and 21-period exponential moving averages, the price is heading downward. The Relative Strength Index period 14 at 47 levels displays a bullish signal.
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