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.

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