S&P 500 Price: Bullish Movement Continues

S&P 500 Price Analysis – March 29

An increase in the bulls’ momentum may break up the resistance level of $4593, S&P 500 may increase to $4723 and $4769 levels. In case the resistance level of $4593 is defended by the bears, price may pullback and face support levels at $44476, $4364 and $4312 levels. S&P 500 Market

Key levels:

Resistance levels: $4593, $4723, $4769

Support levels: $4476, $4364, $4312

S&P 500 Long-term trend: Bullish

On the weekly chart, S&P 500 is bullish. The bears commenced a bearish movement at $4769 on December 27. The price declined and found support at $4230 level. The price reduced to the support level of $4170. The mentioned support level was tested but the level holds and could not break down the mentioned level. The price bounces and increasing speedily towards the resistance level of $4591.

S&P 500 is trading above the 9 periods EMA and the 21 periods EMA which indicate a strong bullish trend in the S&P 500 market. The relative strength index period 14 is at 54 levels with the signal lines pointing up to indicate buy signal. An increase in the bulls’ momentum may break up the resistance level of $4593, S&P 500 may increase to $4723 and $4769 levels. In case the resistance level of $4593 is defended by the bears, price may pullback and face support levels at $44476, $4364 and $4312 levels.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on the bullish trend on the daily chart outlook. A double bottom chart pattern formed at the support level of $4168 when the sellers’ momentum could not break down the support level of $4168. The bulls exert more pressure and it makes price to experience a bullish reversal movement.  The price is under the control of the bulls at the moment. The former resistance level of $4527 has turned to support level.

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 62 levels displaying buy signal.

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