S&P 500 Price Retests Previous Low at $3567, What Next?
Login

S&P 500 Price Retests Previous Low at $3567, What Next?

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


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.

Key levels:

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.

You can purchase Lucky Block here.  Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News