S&P 500 Price: Will There Be a Bullish Reversal at $3740 Level?

S&P 500 Price Analysis – June 21

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 may penetrate support level at $4019 downside, and further decrease to the previous low at $3743.

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. More pressure from the sellers. At the resistance level of $4169.  The sellers’ pressure increases when the buyers’ momentum became weak. The price commences a bearish trend in which the former support level of $4019 has turned to a resistance level. The sellers gained more pressure and the price decreases further to the support level of $3740. S&P 500 has penetrated the $3740 level downside.

S&P 500 is trading below the 9 periods EMA and the 21 periods EMA at close contact which connote an increase in the sellers’ momentum. The relative strength index period 14 is at 38 levels with the signal lines pointing up to indicate buy 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

On the 4-hour chart outlook, S&P 500 is on the bearish movement.  The resistance level of $4169 holds and the bulls’ pressure failed. 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 39 levels displaying bearish signal.

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