S&P 500 Price Breaks Up $3886 Level Targeting $4139 Resistance Level

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Bullish pressure increases in S&P 500 market

S&P 500 Price Analysis – 15 November

S&P 500 may penetrate the resistance level at $4139 upside, and a further increase is envisaged towards the $4330 and $4586 levels.  Below the price at the moment are support levels at $3886, $3651, and $3559. The relative strength index period 14 is at 61 levels with the signal lines pointing up to indicate a buy signal.

Key levels:

Resistance levels: $4139, $4330, $4586

Support levels: $3886, $3651, $3559

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. When Bears pushed the price to the support level at $3559 on 13 October. The price action formed a chart pattern called a long “W” on the daily chart in the S&P 500 market which triggers a bullish trend. The resistance level of $3886 has been a broken upside. The price is currently increasing targeting the resistance level of $4139.

S&P 500 is trading above the 9-periods EMA and the 21-period EMA which indicates an increase in the buyers’ momentum. S&P 500 may penetrate the resistance level at $4139 upside, and further increase is envisaged towards $4330 and $4586 levels.  Below the price at the moment are support levels at $3886, $3651, and $3559. The relative strength index period 14 is at 61 levels with the signal lines pointing up to indicate a buy signal.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart outlook, S&P 500 is on a bullish movement.  The bullish chart pattern called Double bottom formed in a 4-hour time frame. When the support level of $3559 was tested and bears could not penetrate the level downside. The bulls reacted against the bearish movement and the price broke up the resistance level of $3886 level. The resistance level of $4139 may be broken upside provided bulls intensify their pressure.

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 64 levels displaying a bullish signal.

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