S&P 500 Price: Bulls Are Defending $4546 Support Level, Price Increase Envisaged

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Bulls exerts more pressure in S&P 500 market

S&P 500 Price Analysis – February 02

In case the bulls were able to penetrate the resistance level of $4708, S&P 500 will incline to $4795 and $4878 levels. Should the bears gain more pressure and break down $4546 support level, then, $4414 and $4299 may be reached.

S&P 500 Market

Key levels:

Resistance levels: $4708, $4795, $4878

Support levels: $4546, $4414, $4299

 

S&P 500 Long-term trend: Bearish

S&P 500 is bearish on the weekly chart. The price action on the weekly chart has formed “M” chart pattern. The struggling of the bulls to break up the resistance level of $4795 failed. Attempts made by the bulls on December 27 was interrupted by the bears. The barrier at $4795 level resist the price increase. The bears pushed down the price to test the support level at $4414. The price is currently pulling back to retest $4546 levels.

S&P 500 continues trading below the 9 periods EMA and the 21 periods EMA at close distance which indicate that bears’ pressure is reducing in the S&P 500 market. The relative strength index period 14 is at 50 levels with the signal lines pointing up to indicate buy signal. In case the bulls were able to penetrate the resistance level of $4708, S&P 500 will incline to $4795 and $4878 levels. Should the bears gain more pressure and break down $4546 support level, then, $4414 and $4299 may be reached.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on the bullish movement on the daily chart outlook. The bulls are defending the support level of $4299 while the bullish momentum increases towards the resistance level of $4546. This scenario makes the price breaks the dynamic resistance level of 9 periods EMA.

The price is trading above the 9 periods EMA and targeting 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 50 levels displaying buy signal.