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S&P 500 price may reach Bounce Off $4476 level
S&P 500 Price Analysis – 20 June
S&P 500 may breach the $4476 resistance level as buying pressure picks up, and further buying could push the price up to the $4631 and $4723 levels. If the $4476 resistance level is held, the price may reverse and fall in the direction of the support levels of $4364, $4276, and $4180.
Key Levels:
Resistance levels: $4476, $4631, $4723
Support levels: $4364, $4276, $4180
S&P 500 Long-term trend: Bullish
On the daily chart, the S&P 500 is moving in a bullish trend. On March 9, the $3927 level of support was breached. Because there was little to no selling pressure, it was unable to hit the $3740 support level. We complied with the client’s request to apply more pressure to pricing.
The price rose from March 16 till it hit its peak of $4180. Past the dynamic resistance level, the price rises. Strong buying pressure drove the price to break through the $4180 resistance level, burst through the $4276 and $4364 levels, and now face the $4476 resistance level.
S&P 500 may breach the $4476 resistance level as buying pressure picks up, and further buying could push the price up to the $4631 and $4723 levels. If the $4476 resistance level is held, the price may reverse and fall in the direction of the support levels of $4364, $4276, and $4180. A sell signal is shown by the relative strength index period 14 being at 66 and the signal line pointing downward.
S&P 500 Medium-term Trend: Bullish
S&P 500 is in the bullish direction in the 4-hour chart. The buyers were able to prevent a significant decline in the price of the S&P 500 by holding the $3927 barrier level. As soon as it crossed the $4087 support level, the price started to increase as buying pressure grew. As the price rose, the psychological ceiling of $4180 came into view. The $4180 threshold level was crossed as soon as buying pressure increased. It is now attempting to surpass $4364 at this time.
The price of the S&P 500 is currently trading above both the 9-period and 21-period exponential moving averages. The Relative Strength Index period 14 at level 53 displays a bearish signal.
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