S&P 500 Price Bounces Off $5265 Resistance Level

Sellers are increasing in S&P 500 market

S&P 500 Price Analysis – 16 April

S&P 500 might increase and break up into the resistance levels of $5108, $5196, and $5265, in case the $5056 level holds. The breakdown of $5056 support level will expose the price to $4968 and 44876 support levels.

Key Levels:

Resistance levels: $5108, $5196, $5265

Support levels: $5056, $4968, $4876

S&P 500 Long-term trend: Bearish

The daily chart indicates a decrease in the S&P 500 Index. Buyers have been dominating the market of the S&P 500 index since last year October. The resistance level of $5262 was tested on 01 April after breaking up several barrier levels. The seller is preventing further price increases by defending the mentioned level. Strong bearish daily candles were produced and the price is currently declining below $5108 level.

S&P 500 might increase and break up into the resistance levels of $5108, $5196, and $5265, in case the $5056 level holds. The breakdown of $5056 support level will expose the price to $4968 and 44876 support levels. The QQE MOD histogram and the Hull Suite forex signals both indicate a sell. It may continue a downtrend movement.

S&P 500 Medium-term Trend: Bearish

S&P 500 4-hour chart exhibits negative trends. Price was increasing above the $5196 resistance level due to the bulls’ strong momentum last two weeks. The bulls have clung to the previously set level as the price has increased. Last week, a bearish engulfing candle formed and the price decreased. There is the likelihood of reaching the $4968 price goal.

Compared to the S&P 500, the Hull Suite indication is more expensive. The QQE MOD indicator is below zero, indicating a sell signal.

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