S&P 500 Rebounds From 2nd-Day Plunge Around 4350 Level

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S&P 500 Price Analysis – September 29

On higher activity, the S&P 500 Index squeezed lower the prior day to a low of 4347. It has since rebounded from the lows of the current session to hit an intraday high of 4391 at the time of writing. Since the start of the week, the S&P 500 index fell and now retracing most of its recent gains. It came as a result of the strengthening of the US currency and rising bond yields.

Key Levels
Resistance Levels: 4600, 4500, 4400
Support Levels: 4350, 4300, 4250
S&P 500 Long term Trend: Ranging
On the daily chart, the price rose steadily after regaining traction beneath the moving average of 5 and bouncing off the horizontal line at 3350 levels. The bounce on the horizontal support connecting from the August 19 low, as well as the bullish bearing daily candle, is assisting this progression from the 3350 levels.

The horizontal resistance line at 4400 levels is stifling upside movements towards the September high of 4551 levels. If buying interest succeeds in breaking towards the historic high, resistance from level 4400 may rise. More gains could be challenged with resistance at 4465 and 4551 handles.
S&P 500 Short term Trend: Ranging
During the early Tuesday trading session, the S&P 500 gained 40 pips or 0.50 percent. Beyond the 4350 near-term support levels, the index is trading around the moving average of 5 at the mid-channel pattern. The index is expected to range throughout the next trading session, according to technical indicators.

The 4430 level could be a potential objective for bulls. However, the index may face opposition from the horizontal resistance at 4400 in this session and the next. If the S&P 500 falls, it will be supported on dips by the horizontal support at 4300 levels, where buyers may re-emerge.

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