S&P 500 Price Analysis – July 12
In case the bulls’ pressure could break up resistance level of $3927, price may increase towards resistance levels at $4019, and $4087. S&P 500 may penetrate resistance level at $3827 upside, and further increase envisaged.
Key levels:
Resistance levels: $3927, $4019, $4087
Support levels: $3832, $3740, $3649
S&P 500 Long-term trend: Bullish
S&P 500 is bullish on the daily chart. The bears eventually push the price to the support level at $3740 on June 16. It bounced up from the mentioned support level and penetrates the dynamic resistance level. The resistance level of $3927 is tested few days ago. Today, the price is pulling back towards the $3832 level.
S&P 500 Medium-term Trend: Bullish
On the 4-hour chart outlook, S&P 500 is on the bullish movement. The support level of $3649 has been tested and bears could not penetrate the level downside. The bulls reacted against the bearish movement and the price breaks up $3832 level. Price bounced towards $3927 level after it breaks up $3740 and $3832 levels. S&P 500 may penetrate resistance level at $3827 upside, and further increase envisaged.
The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 49 levels displaying bearish signal which may be a pullback.
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