S&P 500 upside bias wanes beneath mid 4100 levels, capped by higher yields

S&P 500 Price Analysis – April 14

The S&P 500 updated the record highs during the day at 4154 levels, gaining 0.02% before retreating lower. The bond market sell-off will restart in due course, capping stock market gains. Since mid-March, the 10-year Treasury yield has been relatively steady.

Key Levels
Resistance Levels: 4250, 4200, 4154
Support Levels: 4100, 4063, 3991
S&P 500 Long term Trend: Bullish
On a daily basis, the uptrend is expected to falter and remain below the 4154 daily peaks, while the market is trading above support level 4086 and consolidating further into the next session, until hitting the resistance level at 4200.

The RSI is currently going away from the overbought threshold, while the price has turned lower after retracement from the 4154 marks, confirming the ranging outlook. In the medium-term outlook, the moving average 5 and 13 holds its location and can shift marginally higher.
S&P 500 Short term Trend: Bullish
The S&P 500 index has a bullish outlook in the short term since breaking through the consolidation region of 4063-4086 levels the previous week. With the price breaking through the 4100 barriers, traders are expecting a retest of the record high at 4200 levels before finally retreating.

However, rising bearish momentum and a south-trending 4 hour Relative Strength Index point to more weakness, bringing bears completely into play on a firm break of the pivots at 4100. Until another turnaround, the expected scenario is located under 4100 levels, with targets at 4086 and 4063 levels extension.

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