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Bearish movement in S&P 500 market
S&P 500 Price Analysis – October 11
In case the support level of $565 is defended by the bulls, S&P 500 may face resistance levels at $3849, $3740 and $3927. Further price increase above the previous low envisaged.
Resistance levels: $3740, $3849, $3927
Support levels: $3565, $3380, $3260
S&P 500 Long-term trend: Bearish
S&P 500 is bearish on the daily chart. The sellers’ pressure increases when the buyers’ momentum became weak at the resistance level of $4169.The price commences a bearish trend in which the former support levels of $3940 and $3849 have turned to resistance levels. The bears gained more pressure and the price declines further to the support level of $3565. S&P 500 is making an attempt to penetrate the just mentioned level.
S&P 500 is trading below the 9 periods EMA and the 21 periods EMA at distance which connote an increase in the bears’ pressure. The relative strength index period 14 is at 35 levels with the signal lines pointing down to indicate sell signal. In case the support level of $565 is defended by the bulls, price may face resistance levels at $3849, $3740 and $3927.
S&P 500 Medium-term Trend: Bearish
S&P 500 is on the bearish movement on the 4-hour chart outlook. The price action is trying to form double bottom chart pattern. When the bulls’ pressure failed at the resistance level of $4169. The price could not break up the mentioned resistance levels. Price was range-bound within $4087 and $3927 levels. S&P 500 penetrated support level at $3740 downside, and further decrease to the previous low at $3743.
The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement. The relative strength index period 14 is at 35 levels displaying bearish signal.
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