S&P 500 Price Breaks Down $5758 Level

Sellers’ momentum is increasing

S&P 500 Price Analysis – 05 November

If the $5669 level holds, the S&P 500 can rise and split into the resistance levels of $5758, $5877, and $5900. The price may test the $5579 and $5500 levels if the $5669 support level is broken.

Key Levels:

Resistance levels: $5758, $5877, $5900

Support levels: $5669, $5579, $5500

S&P 500 Long-term trend: Bearish

The S&P 500 Index’s daily chart indicates a decreasing trend. Since August 5, acquisitions have been the index’s main driver. On October 9, there was another effort to reach the $5758 milestone. More people rejected the idea after it was approved. By keeping the already set pricing at the previously mentioned level, the vendors were able to prevent additional price rises. It was impossible to sustain the double-topped bearish reversal chart pattern that resulted. At $5877, the S&P 500 is currently trading lower than it was a short time ago.

If the $5669 level holds, the S&P 500 can rise and split into the resistance levels of $5758, $5877, and $5900. The price may test the $5579 and $5500 levels if the $5669 support level is broken. Both the Hull Suite crypto signals and the QQE MOD histogram suggest a sell. It may go in the predicted direction.

S&P 500 Medium-term Trend: Bearish

The 4-hour chart of the S&P 500 shows a declination pattern. Because of the bulls’ strong activity over the past two weeks, the price was unable to break above the $5877 barrier level. As the price has been falling, the bears have held the level that was previously established. Last week, the price bounced off $5877 due to an engulfing double top chart pattern. At the moment, bears are trading below the previous high of $5758.

The Hull Suite indicator is more costly than the S&P 500. The QQE MOD indicator climbing below zero indicates a strong sell signal.

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