S&P 500 Price: Short Double Top Pattern

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.

You can purchase Lucky Block here.  Buy LBLOCK