S&P 500 Price: A Bullish Reversal at $4157 Level, Targeting $4586 Level

Buyers pressure increase in S&P 500 market

S&P 500 Price Analysis – 07 November

S&P 500 may increase further toward the resistance levels of $4586, $4677, and $4740 if the $4330 level is held. The price can increase to the barrier level of $4740.

Key Levels:

Resistance levels: $4586, $4677, $4740

Support levels: $4330, $4157, $3909

S&P 500 Long-term trend: Bullish

The S&P 500 is trending upward. Since September 1st, sellers have been in charge of the S&P market’s pricing. A bearish reversal was signaled by the “M” chart pattern as the $4586 resistance level. On October 3, the selling pressure caused a test of $4157.  When $4330, the support threshold, was crossed. Buyers defending the $4157 support level caused a price increase to break up $4330 level. The market is presently being controlled by the buyers; they are driving the price towards $4586 level.

S&P 500 may increase further toward the resistance levels of $4586, $4677, and $4740 if the $4330 level is held. The period 14 relative strength index’s 34 rating and the signal line’s inclining trend both point to buying. The price can increase to the barrier level of $4740.

S&P 500 Medium-term Trend: Bullish

The four-hour chart of the S&P 500 exhibits bullish patterns. Price dropped below the $4157 support level as a result of the double top formation that appeared on the chart near the $4586 resistance level. Bulls held the just-mentioned level and there is a price increase. Last week, a bullish engulfing candle made an appearance, and the price is now targeting $4586 level.

The 21-period EMA and the 9-period EMA are below the price of the S&P 500. The Relative Strength Index period 14 indicates a negative signal at level 71 which may be a pullback.

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