S&P 500 index Technical Analysis Report 17 April, 2024

Dmitry Chernovolov Market Analyst

S&P 500 index can be expected to fall further toward the next support level 5000.00, followed by 4940.00 (which reversed the price twice in February).

– S&P 500 index falling inside sharp c-wave

– Likely to fall to support level 5000.00

S&P 500 index continues to fall inside the sharp c-wave of the minor ABC correction 4 from the end of last month.  The index earlier broke the support trendline of the narrow sharp up channel from December, which enclosed the previous daily uptrend. The breakout of this up channel strengthened the bearish pressure on this index – accelerating the active impulse wave c. The price is currently approaching the strong round support level 5000.00.

Given the widespread bearish sentiment affecting the equity markets today, S&P 500 index can be expected to fall further toward the next support level 5000.00, followed by 4940.00 (which reversed the price twice in February).

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