S&P 500 Price: Bearish Trend Continues After a Pullback

Sellers intensify pressure on S&P 500 market

S&P 500 Price Analysis – 07 January

The S&P 500 may increase and split into the resistance levels of $6021, $6099, and $6100 if the $5877 level holds. If the $5877 support level is breached, the price can test the $5758 and $5667 levels.

Key Levels:

Resistance levels: $6021, $6099, $6100

Support levels: $5877, $5758, $5667

S&P 500 Long-term trend: Bearish

The daily chart of the S&P 500 Index shows a downward trend. Acquisitions have been the index’s primary driver since August 5. Another attempt to hit the $6100 mark was made on December 6. Once the concept is accepted, more clients are expected. By maintaining the fixed price at the first level indicated, the suppliers were able to temporarily stop additional price hikes. The resulting double-top bearish reversal chart pattern held up over time. The S&P 500 leaps from the $6100 level to the $5877 support level.

The S&P 500 may increase and split into the resistance levels of $6021, $6099, and $6100 if the $5877 level holds. If the $5877 support level is breached, the price can test the $5758 and $5667 levels. The QQE MOD histogram and the Hull Suite crypto signals both point to a sell. Maybe everything will go according to plan.

S&P 500 Medium-term Trend: Bearish

The S&P 500’s 4-hour chart displays a downward trend. Because of the bears’ intense activity, the price has been unable to break above the $6100 barrier level for the past week. The bears have remained stable at the predetermined level as the price has been declining. An engulfing candle pattern caused the price to spike back up to $5877 last week. Cardano’s price has been falling since its most recent top of $6021.

Compared to the S&P 500, the Hull Suite indicator is more expensive. A strong sell signal is indicated when the QQE MOD indicator falls below zero.

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