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

Overview
Today last price	3382.5
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	3382.5

Trends
Daily SMA20	3288.68
Daily SMA50	3193.87
Daily SMA100	3020.42
Daily SMA200	3066.17

Levels
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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