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

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