S&P 500 Prediction:
Where will S&P 500 be in next week?
S&P 500 Prediction Next Week 2 - 6 Oct 2023 | Detailed Expert Analysis
1. S&P 500 Index Price Levels
All-time high: 4,818.62, 52-week high: 4,607.07, 52-week low: 3,491.58.
S&P 500 This Week Opening and Closing, Weekly High, Weekly Low (25 to 29 Sep 2023)
Week Opening on Monday: 4,310.62Week Closing on Friday: 4,288.04
This Week High: 4,338.51
This Week Low: 4,238.63
Weekly Candlestick type formed: A small bodied red candle with a long wicks on both sides, kind of spinning-top candlestick.
S&P 500 Weekly Chart Support and Resistance Levels
Support 1: 4,280Support 2: 4,200
Support 3: 4,100
Resistance 1: 4,320
Resistance 2: 4,370
Resistance 1: 4,515
2. S&P 500 Weekly Candlestick Chart Analysis For Next Week
S&P 500 Daily Candlestick Chart Technical Analysis
In the daily chart, the S&P 500's most recent candle is a red candlestock with a long body and short wicks. Even though the day opened higher than the previous day's close, the selling pressure was constant throught the day and the close was lower than the previous day's close.
As marked in the daily chart above, there is a formation of the head and shoulder pattern and the S&P 500 price has broken the neckline of the H&S pattern and the price is retesting the neckline. Ideally, the neckline should act as a resistance and the price of S&P 500 should take a rejection from the neckline level of 4,330-4,340 and head lower. The levels of 4,240-4,230 may act as temporary supports where the price might bounce before heading lower again to 4,200 levels.
The level of 4,200 may not break easily and S&P 500 may show significant bounce or may spend a considerable time at 4,200 levels before beggining another directional journey. This means S&P 500 can comedown by another 2-2.25% before finding a considerable support.
The RSI(14) is hovering at 34 in the daily charts.
S&P 500 Weekly Candlestick Chart Technical Analysis
In the weekly chart, the S&P 500 has closed right at its immediate support and may show intraweek bounce before heading down to 4,200-4,175 level which can act as strong support. The S&P 500 has made a small bodied red candle with a long wicks on both sides, kind of spinning-top candlestick. The index appears to have taken a break in its directional journey this week.
Since making a lower-low on 10 Oct 2022, S&P 500 has made higher-highs and higher-lows till 24 July 2023. S&P 500 made its first lower-high on 23 Aug 2023 ending its uptrending price action of last 10 months. S&P 500, in the weekly chart, still has a long way to go before making a lower-low. If S&P 500 can reverse before making lower-low and break the previous high of 4,600, it can continue its uptrending journey.
MACD has given a bearish crossover signal on 5 Sep 2023, the same week S&P 500 made a bearish harami candlestick pattern. S&P 500 may be more likely to head downwards.
The RSI 14 is at 47 in the weekly chart.
S&P 500 Monthly Candlestick Chart Technical Analysis
In the monthly chart, there is formation of a large bearish candle which serves as a confirmation candle to the previous month's bearish harami candle pattern.
Also, in the monthly chart, the price has formed a lower-high, which also might be indicating towards a long-term bearish price movement. If S&P 500 can reverse from 4,100 levels and takes out 4,600 in the coming months, then it can continue its upward journey. If S&P 500 breaks the strong support of 3500, which is still a long way to come, then can head lower to 3,300-3,200 levels.
The RSI 14 in monthly chart is at 53.85.
3. S&P 500 Prediction For Next Week
S&P 500 Forecast Summary.
The bearish technical signals are considerably more than the bullish signals. The S&P 500 may comedown by another net 2-2.25% in the next week. It may be wise to be on the sidelines watching the signals before taking any bullish positions in S&P 500.
ALSO SEE - Nasdaq 100 Prediction
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DO NOT COPY REPUBLISH OR REPRODUCE THIS ARTICLE. The text in this article is protected under Indian Copyright Act, 1957 and Digital Millennium Copyright Act (DMCA).
Copyright © NiftyPredictions.com | All Rights Reserved.
