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S&P 500 Price Analysis – September 8
At 4,516, the S&P 500 Index is down 0.05 percent on the day. After a positive performance of the global stock market in recent days, which was extended in China but not in Japan, concerns about an economic slowdown due to the Delta variant increased after the nonfarm payrolls report came in short of expectations.
Key Levels
Resistance Levels: 4650, 4600, 4551
Support Levels: 4450, 4400, 4350
S&P 500 Long term Trend: Bullish
The S&P 500 eases from the resistance level of 4551, which is a horizontal zone connecting the peaks of August 2021. It’s worth noticing that the daily relative strength index has been trading below the overbought zone since July, indicating that bullish momentum is fading.
A pullback could occur if the aforementioned overbought zone and the resistance level of 4551 are tested and rejected again. Although this is not a warning of reversal, temporary weariness cannot be ruled out. Medium-term supports will be at the 4431 and the round figure of 4400.
S&P 500 Short term Trend: Bullish
On the 4-hour time frame, the S&P 500 index is in an ascending trend, which suggests intra-day trades can be derived based on the larger time frame’s trend. The price has established an upward continuation pattern on the 4-hour time frame, and they usually break in the direction of the present trend.
The RSI is now trading towards its midpoints; but, if it returns below, it could signal that the bears are about to start their party, implying more weakness ahead. Short positions beneath 4500 levels are preferred, with targets at 4431 and 4400 in extension. Alternatively, we may look for more gains, with objectives of 4551 and 4600.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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