S&P 500 Price Analysis: Hourly chart suggests scope for pullback

  • S&P 500's hourly chart indicators suggest scope for a pullback. 
  • The index risks falling to the 50-hour SMA support. 

The S&P 500 index looks heavy, as the hourly chart slow stochastic indicator is reporting a bearish divergence. The hourly chart relative strength index has also diverged in favor of the bears. 

A bearish divergence occurs when an indicator prints lower highs, contradicting higher highs on the price chart and is indicative of ebbing of bullish momentum. 

In addition, the hourly chart MACD histogram has crossed into a bearish territory below zero. 

As such, the index could drop to the ascending 50-hour simple moving average (SMA), currently at $3,354. The bearish case would be invalidated if prices find acceptance above $3,389. 

Hourly chart

Trend: Bearish

Technical levels

SP 500

Today last price 3382.5
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 3382.5
Daily SMA20 3288.68
Daily SMA50 3193.87
Daily SMA100 3020.42
Daily SMA200 3066.17
Previous Daily High 3389
Previous Daily Low 3371
Previous Weekly High 3353.75
Previous Weekly Low 3264.25
Previous Monthly High 3293
Previous Monthly Low 3073.5
Daily Fibonacci 38.2% 3382.12
Daily Fibonacci 61.8% 3377.88
Daily Pivot Point S1 3372.67
Daily Pivot Point S2 3362.83
Daily Pivot Point S3 3354.67
Daily Pivot Point R1 3390.67
Daily Pivot Point R2 3398.83
Daily Pivot Point R3 3408.67


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