S&P 500 Bulls Seek Higher Price Levels After a Record-Breaking Surge

S&P 500 Price Analysis – December 29

S&P 500 bulls are aiming for higher levels after driving the market to an all-time high of 4810. The bulls have come out victorious in the latest market tussle that has characterized the past two months. S&P 500 was forced to consolidate, with the 4720 price level acting as resistance and the 4500 price level acting as support. On the 21st of December, a three-white-soldier candlestick formation was employed by the bulls to finally break resistance and reach a previously uncharted market level at 4810.

S&P 500 Important Levels

Resistance Levels: 4810, 4720
Support Levels: 4500, 4270

S&P 500 Long Term Trend: Bullish

The scuffle between bulls and bears that occurred lately isn’t the only one of such that has occurred this year. An initial consolidation along the uptrend line can also be observed between September and October. Bears have been trying to gain a foothold in the market amidst strong bullish activity. Bulls have prevailed each time as they seek to drive up the market to higher heights.

The bearish interruptions in the market each time can be seen to puncture the MA period 50 (Moving Average), but the price can be seen again and again to recover and cooperate with the Moving Average line. The Elders Force Index (EFI) demonstrates each time how bears try to derail the market and the power line plunges into negative values. But then the power line recovers to hover above the zero level. Bullish strength is consistent.

S&P 500 Short Term Trend: Bullish

On the 4-hour chart, it shows that price has broken free from the confines of consolidation and is now trading above the 4720 resistance level. The market is now stalling as it finds another resistance at 4810. S&P 500 continues to seek greater heights, and the EFI indicator indicates that they are still well-positioned. Moreover, the market also has the advantage of having the MA period 50 as a support.

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