S&P500 Technical Analysis: Bulls losing the grip as stocks fall heavily to 2,834.00
|- The S&P500 is trading in a bull trend, however, bears have taken over in a strong pullback down.
- The S&P500 broke below the bull trendline and the 200-period simple moving average on the 4-hour chart and is currently trying to stabilize as the Index dropped by almost twice its usual average daily range.
- Bargain hunters are buying at discounted prices but given the strong sell-off, the market might start a sideways consolidation before any meaningful move. The bias remaisn tilted to the downside as indicators are bearishly configured.
S&P500 4-hour chart
Spot rate: 2,839.00
Relative change: -1.53%
High: 2,887.40
Low: 2,834.30
Main trend: Bullish
Short-term trend: Neutral to bearish
Resistance 1: 2,853.00 August 9 low
Resistance 2: 2,863.75 August 7 high
Resistance 3: 2,877.00 January swing high
Resistance 4: 2,900.00 figure
Support 1: 2,834.25 current October 10 low
Support 3: 2,800.00 figure
Support 3: 2,763.50 July 11 low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.