S&P 500 Price Retests Previous Low at $3740, What Next?

Updated:

S&P 500 Price Analysis – June 14

S&P 500 may penetrate support level at $4019 downside, and further decrease to the previous low at $3743. In case the support level of $3740 is defended by the bulls, price may face resistance levels at $3832, $3927 and $4019.

Key levels:

Resistance levels: $3832, $3927, $4019

Support levels: $3740, $3640, $3334

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 level of $4169.The price commences a bearish trend in which the former support level of $4019 has turned to a resistance level. The bears gained more pressure and the price declines further to the support level of $3740. S&P 500 is making an attempt to penetrate the $3740 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 24 levels with the signal lines pointing down to indicate sell signal. In case the support level of $3740 is defended by the bulls, price may face resistance levels at $3832, $3927 and $4019.

S&P 500 Medium-term Trend: Bearish

S&P 500 is on the bearish movement on the 4-hour chart outlook. 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 $4169 and $4087 levels. S&P 500 may penetrate support level at $4019 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 31 levels displaying bearish signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.