S&P 500 Weakens Ahead of 4500 Region After Dismal Job Data

Azeez Mustapha



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S&P 500 Price Analysis – August 4

The S&P 500 began the day considerably lower, showing losses at the beginning and failing to keep over the prior week’s high of 4431 levels. The index was down 0.25 percent on the day at 4406 as of this writing. On Wednesday, the Automatic Data Processing (ADP) Research Institute released monthly dismal job data far less than the market expectation.

Key Levels
Resistance Levels:4560, 4500, 4431
Support Levels: 4400, 4350, 4300
S&P 500 Long term Trend: Ranging
As sellers finally look to take advantage of the medium-term correction, the index is battling to maintain its rise above the 4400 support zone. Meanwhile, the bearish pressure is projected to weaken and remain around the mid-4300 levels, as the market trades above the 4300 support level, consolidating further into the next session.

The RSI is currently headed towards its midlines, while the price has swung lower after a pullback from the 4431 marks in the previous trading week, confirming the sideways view. In the medium term, the moving average 13 holds its place and may move slightly horizontally.
S&P 500 Short term Trend: Ranging
The S&P 500 index has been in upside consolidation in the near term after breaking through the resistance zone of 4400 levels in the prior week. As the price fell below the 4 hour MA 5 and 13, a retest of the closest support at 4400 levels is expected before the price retreats further.

The S&P 500 support zone around 4375 must hold to keep the immediate risk reduced for a return to 4431, above which we find resistance at the top of the moving averages at 4500, which should cap the gain initially.

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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