S&P 500 Trades Lower As Risk-Off Mood Fails To Lift the Greenback

Azeez Mustapha



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S&P 500 Price Analysis – May 19

Global equity indices began the week on a mixed note, with major sectors performing differently. As of this writing, the S&P 500 is down 0.88% on the day, trading at 4,084 level. On Tuesday, the indexes were pulled by doubts about the Fed’s next step, which came amid disappointing housing data and the prospect of further stimulus.

Key Levels
Resistance Levels: 4250, 4184, 4129
Support Levels: 4000, 3963, 3900
S&P 500 Long term Trend: Ranging
As sellers finally look to take advantage of the medium-term correction, the S&P 500 is struggling to maintain its step above the 4000 support zone. Meanwhile, the bearish pressure is expected to weaken and remain around the mid-3900 levels, as the market trades above the 4000 support region, consolidating further into the next session.

The RSI is currently moving beneath its midlines, while the price has turned lower after retracement from the 4,184 weekly high level in the previous sessions, confirming the ranging outlook. In the medium term, the moving average 13 holds its location and will shift slightly horizontally to act as a barrier to the price recovery.
S&P 500 Short term Trend: Ranging
The S&P 500 index has been on the decline in the short term since breaking through the consolidation area of 4129 levels earlier this week. As the price fell below the 4 hour MA 5 and 13, a breach of the closest support at 4000 levels is expected before the price retreats further.

The S&P 500 support zone at 4035 must hold to keep the immediate risk lower for a return to 4129, above which we see resistance at the top of the moving averages at 4184 levels, which should limit the advance initially on subsequent rebounds.

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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