S&P 500 Price Pulls Back Before Bearish Trend Continues

Sellers are in charge of S&P 500 market

S&P 500 Price Analysis – 29 August

The price may increase to the $4631 barrier level and continue to rise until it hits $4723 if the $4476 resistance level is broken. If the $4476 level is held, S&P 500 may continue moving in the direction of the support levels of $4364, $4276, and $4180

Key Levels:

Resistance levels: $4476, $4631, $4723

Support levels: $4364, $4276, $4180

S&P 500 Long-term trend: Bearish

On the daily chart, the S&P 500 is moving in the bearish direction. The price of the S&P market was able to surpass the $3631 resistance level and peak at $4631 when there was buying pressure. Bulls’ impetus wore out because they were unable to raise the price over the previous level.   Beginning on July 27, increasing negative pressure burst past the $4476 barrier. As a result of increasing negative pressure, the price is currently reversing in the direction of the $4364 support level.

If the $4476 level is held, the price may continue moving in the direction of the support levels of $4364, $4276, and $4180. A buy signal, which may be a retreat, is shown by the relative strength index period 14 being at 48 and the signal line pointing upward. The price may increase to the $4631 barrier level and continue to rise until it hits $4723 if the $4476 resistance level is broken.

S&P 500 Medium-term Trend: Bearish

On the 4-hour chart, the S&P 500 is trending downward. The sellers were successful in preventing a big increase in the price of the S&P 500 by maintaining the $4476 barrier level. As soon as it exceeded the $4631 barrier level, consumer demand rose and the price started to decline. As S&P 500  dropped, the psychological ceiling of $4476 came into view. As selling pressure increases, it’s probable that the $4364 threshold level will be crossed. $4364 support level is the current objective level.

The price of the S&P 500 is currently lower than both the 9- and 21-period exponential moving averages. At level 51, the Relative Strength Index period 14 exhibits a bullish signal that could indicate a pullback..

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