S&P 500 Price: Will Buyers Overpower Sellers?

Buyers are gathering momentum in S&P 500 market

S&P 500 Price Analysis – 28 March

In case selling pressure picks up, the S&P 500 might breach the $3927 support level, and more selling could drive the price down to the $3806 and $3740 levels. The price may reverse and increase in the direction of the resistance levels of $4087, $4169, and $4276 if the $3927 support level is held.

Resistance levels: $4087, $4169, $4276

Support levels: $3927, $3806, $3740

S&P 500 Long-term trend: Bearish

On the daily chart, S&P 500 is moving in a bearish direction. On February 7, a resistance level of $4169 was tested. The price was unable to cross through the indicated level due to the absence of positive impetus. It complied with the sellers’ requests as they increased the pressure on the price. On March 1, the commodity’s price started to fall, reaching a low of $3927. Price fell under the level of dynamic resistance. Further selling pressure caused the $3927 support level to break downward. Now, the price is hovering around the $3927 mark.

The 21-period EMA is higher than the 9-period EMA. If selling pressure picks up, the S&P 500 might breach the $3927 support level, and more selling could drive the price down to the $3806 and $3740 levels. The price may reverse and increase in the direction of the resistance levels of $4087, $4169, and $4276 if the $3927 support level is held. The relative strength index period 14 is at 47 and the signal line is pointing up, giving a buy signal that may also be a pullback.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is in the bullish direction. The sellers held the $4169 resistance level, preventing a major increase in the S&P 500’s price. As soon as the price surpassed the $3927 support level, selling pressure caused the price to decline. When the $3927 could not hold, the price was moving toward the $3740 level. Sellers are being interrupted by buyers, and the price is currently climbing.

The price of the S&P 500 is trading higher than both the exponential moving averages of 9 and 21 periods. A bullish signal is visible on the Relative Strength Index period 14 at level 51.

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