S&P 500 Price Bounces Off $5667 Resistance Level

Sellers are taking over S&P 500 market

S&P 500 Price Analysis –23 July

S&P 500 may increase and split into the resistance levels of $5580, $5667, and $5680 if the $5499 level holds. If the $5499 support level is broken, the price can test the $5413 and $5345 support levels.

Key Levels:

Resistance levels: $5580, $5667, $5680

Support levels: $5499, $5413, $5345

S&P 500 Long-term trend: Bearish

The daily chart of the S&P 500 Index shows a downward trend. The S&P 500 index has been primarily driven by acquisitions since October of last year. An additional attempt to breach the $5667 resistance level, was made on July 16. This attempt was narrowly successful. The sellers are preventing further price hikes by sticking to the set prices. The price went down to $5,580. Prices are testing the $5499 level, below the previous peak, as sellers try to break through the previously established barrier.

The S&P 500 may increase and split into the resistance levels of $5580, $5667, and $5680 if the $5499 level holds. If the $5499 support level is broken, the price can test the $5413 and $5345 support levels. The QQE MOD histogram and the Hull Suite crypto signals both point to a sell. Perhaps it will continue on the correct path.

S&P 500 Medium-term Trend: Bearish

The S&P 500’s 4-hour chart displays declination patterns. Over the previous two weeks, the price has broken below the $5667 barrier level due to the bears’ tremendous aggression. The bears have clung to the previously set level as the price is decreasing. The price falls to $5499 last week after a bearish engulfing candle. The pricing target of $5499 was reached. Bears are currently trading below the prior high.

Compared to the S&P 500, the Hull Suite indication is more expensive. When the QQE MOD crypto signals indicator is greater lower than zero, a sell signal is present.

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