S&P 500 Rallies Stall at Level 4000 Resistance Zone

Key Resistance Zones: 4000.0, 4500.0, 5000.0
Key Support Zones: 3500.0, 3000.0, 2500.0

S&P 500 Long-term Trend: Bullish
S&P 500 has been in an uptrend since November 2020. The uptrend is currently facing rejection at level 4000. In the price action, the price is making a series of higher highs and higher lows. The current downtrend is expected to make a higher low. The market may decline to the low of level 3800.

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The uptrend will continue as long as the price is above the SMAs. The index is at level 57 of the Relative Strength period 14. The index is in the uptrend zone and above the centerline 50.

S&P 500 Medium-term Trend: Bullish
On the 4-hour chart, the index is in an upward move. On February 16 uptrend, a retraced candlestick tested 78.6% Fibonacci retracement level. The retracement indicates that S&P 500 is likely to rise to level 1.272 Fibonacci extension. That is, the high of level 4148.90.

4-hour Chart Indicators Reading
S&P 500 is above the 80% range of the daily stochastic. This indicates that the market is in the overbought region of the market. Sellers are likely to emerge in the overbought region. The SMAs are sloping upward indicating the uptrend.

General Outlook for S&P 500
The index has been rising consistently on the upside. Sellers may emerge as the index had been trading in the overbought region. According to the Fibonacci tool, the market will rise to level 1.272 Fibonacci extension or level 4148.90. S&P 500 may reverse at the recent high

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