S&P 500 Price: Bears Are Dominating Market

Sellers’ pressure is increasing in S&P 500 market

S&P 500 Price Analysis – 30 April

The S&P 500 may increase and break up into the resistance levels of $5108, $5196, and $5265, if the $5056 level holds. In the case that the $5056 support level breaks, the price will be exposed to the support levels of $4968 and 44876.

Key Levels:

Resistance levels: $5108, $5196, $5265

Support levels: $5056, $4968, $4876

S&P 500 Long-term trend: Bearish

The daily chart indicates a decline in the S&P 500 Index. Since October of last year, buyers have controlled the S&P 500 index. After previous barrier levels broke, the resistance level of $5265 was tested on April 1. The vendors are preventing further price hikes by sticking to the agreed-upon pricing. Strong bearish daily candles have been seen, and the price is currently dropping below $5108.

The S&P 500 may increase and break up into the resistance levels of $5108, $5196, and $5265, if the $5056 level holds. In the case that the $5056 support level breaks, the price will be exposed to the support levels of $4968 and 44876. The QQE MOD histogram and the Hull Suite forex signals both indicate a sell. It may continue on its downward trajectory.

S&P 500 Medium-term Trend: Bearish

The S&P 500’s 4-hour chart demonstrates downward trends. The price has been increasing over the $5196 resistance level over the last few weeks as a result of the bulls’ strong momentum. The bulls have clung to the previously set level as the price has increased. Last week, a bearish engulfing candle appeared, and the price dropped. It seems likely that the $4968 price objective will be reached.

Compared to the S&P 500, the Hull Suite indication is more expensive. When the QQE MOD indicator is less than zero, there is a sell signal.

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