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Bearish reversal envisaged at $4529 level
S&P 500 Price Analysis – 19 September
S&P 500 may continue to move in the direction of the support levels of $4437, $4343, and $4276 if the $4529 level is held. If the $4529 resistance level is broken, price may advance to the $4606 barrier level and then keep rising until it reaches $4723.
Key Levels:
Resistance levels: $4529, $4606, $4723
Support levels: $4437, $4343, $4276
S&P 500 Long-term trend: Bearish
S&P 500 is moving in the bearish direction on the daily chart. Last month, the price of the S&P market was under the hands of the buyers. When there was buying pressure, the bullish trend advanced past the $4276 resistance level and reached its zenith at $4606 per share. The sellers’ defense of the $4606 resistance decreased the bulls’ enthusiasm. S&P 500 fell and once more tested support at $4343. The sellers’ pressure was ineffective at that point. The market is now being led by bears, who are aiming for its previous high of $4343 level.
The price may continue to move in the direction of the support levels of $4437, $4343, and $4276 if the $4529 level is held. A selling signal is indicated by the downward movement of the signal line and the value of 48 for period 14 of the relative strength index. If the $4529 resistance level is broken, price may advance to the $4606 barrier level and then keep rising until it reaches $4723.
S&P 500 Medium-term Trend: Bearish
S&P 500 is trending downward on the 4-hour chart. By holding the $4476 barrier level, the sellers were able to stop the S&P 500’s price from rising sharply over the previous two weeks. Consumer demand soared and the price started to decline as soon as it passed the $4631 barrier level. The psychological ceiling of $4476 was in sight as the price fell. A successful defense of the $4529 resistance level may push the price below $4437 level.
The S&P 500’s price is currently lower than both the exponential moving averages of 9 and 21 periods. The Relative Strength Index period 14 displays a bearish signal at level 46, which may be a bearish reversal.
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