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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

EUR/USD holds gains around 1.1800 amid renewed USD selling

EUR/USD regains positive traction and holds around 1.1800 in the European session, reversing the previous day's modest losses. The pair's uptick is sponsored by the emergence of fresh US Dollar selling, which remains induced by persistent trade-related uncertainties.

GBP/USD strengthens above 1.3500 on softer US Dollar

GBP/USD is posting moderate gains above 1.3500 in European trading on Wednesday. The pair appreciates as the US Dollar meets fresh supply following US President Donald Trump’s first State of the Union address and amid looming tariff uncertainty.

Gold eyes monthly top above $5,200 amid geopolitics, trade jitters

Gold buyers are back in the game, eyeing $5,200 and beyonf on Wednesday after seeing a correction from monthly highs on Tuesday. The US Dollar slips after Trump’s SOTU fails to impress and as AI-driven worries ease. Dovish Fed bets also weigh. Gold looks north so long as the key 61.8% Fibo resistance at $5,142 holds on the daily chart.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.