S&P 500 Price: Will There Be a Bearish Reversal at $4180 Level

Sellers’ momentum may increase soon in S&P 500 market

S&P 500 Price Analysis – 09 May

The S&P 500 may surpass the $4180 resistance level if buying pressure increases, and further purchasing could push the price up to the $4276 and $4364 levels. If the $4180 resistance level is held, the price may reverse and fall in the direction of the support levels of $4087, $3927, and $3806.

Key Levels:

Resistance levels: $4180, $4276, $4364

Support levels: $4087, $3927, $3806

S&P 500 Long-term trend: Bullish

On the daily chart, S&P 500 is moving in a bullish direction. A support level of $3927 was broken on March 9. It was unable to achieve the $3806 support level since there was little to no selling pressure. It complied with client wishes when pricing came under even more pressure. On March 16, the cost of the item began to rise, reaching a high of $4087. The price increases past the dynamic resistance level. The $4087 barrier level dropped as a result of increased purchasing pressure. Price has retraced to $4087 and is now attempting to break through $4180.

The S&P 500 may surpass the $4180 resistance level if buying pressure increases, and further purchasing could push the price up to the $4276 and $4364 levels. If the $4180 resistance level is held, the price may reverse and fall in the direction of the support levels of $4087, $3927, and $3806. A sell signal is indicated by the relative strength index period 14 being at 49 and the signal line pointing downward.

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 $4180 resistance level, preventing a strong increase in the S&P 500’s price. Selling pressure sent the price lower once it crossed the $3927 support level. The price was heading near $3740 after the $3927 failed to hold. Since there are more buyers than sellers right now, the price is now heading toward the previous high at $4180 barrier level.

The S&P 500 price is currently trading above both the 9- and 21-period exponential moving averages. On the Relative Strength Index period 14, at level 49, a bearish signal is discernible.

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