S&P 500 Faces Resistance, Technical Analysis Points to Potential Decline
31 May 2023
S&P 500 WEEKLY SCENARIO
S&P 500 TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, S&P 500 is trading in an up channel.
S&P 500 is currently trading above all SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting an up trend.
Its immediate support is at 4201.30 & the resistance is at 4279.84
The S&P 500 is facing resistance at the same level it has been trying to break from over the past several days after rising upward on the weekly chart. As we can see, this level is crucial for the S&P 500 to determine its direction, but today it is trading to downward and at a crucial support; if this is broken, we may anticipate more decline to the lower.
S&P 500 TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, S&P 500 is trading in an up channel.
S&P 500 is currently trading above 20&50 SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting a downtrend.
Its immediate support is at 4197.05 & the resistance is at 4216.12
The S&P 500 is trading in an ascending channel on the daily chart. and facing resistance-level rejection. It is currently trading in an important zone; if this level breaks down, we can expect further bearish movement.