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S&P 500 Price Analysis – August 16
When bulls’ momentum increase, S&P 500 may penetrate resistance level at $4364 upside, there will be a further increase in price towards $4476 and $4631 levels. Below the price at the moment are support levels at $4276, $4169, and $4087.
Key levels:
Resistance levels: $4364, $4476, $4631
Support levels: $4276, $4169, $4087
S&P 500 Long-term trend: Bullish
S&P 500 is bullish on the daily chart. The bulls are holding unto the S&P 500 market. It has surpass our target at $4169 after the formation of the double bottom chart pattern. This bullish chart pattern triggers the bullish trend in the S&P 500 market. Bulls are gaining more momentum and the price is increasing accordingly. The former resistance level of $4169 and $4276 is broken upside. The price is currently increasing towards the resistance level of $4364.
S&P 500 is trading above the 9 periods EMA and the 21 periods EMA which indicate an increase in the buyers’ momentum. When bulls’ momentum increase, S&P 500 may penetrate resistance level at $4364 upside, there will be a further increase in price towards $4476 and $4631 levels. Below the price at the moment are support levels at $4276, $4169, and $4087. However, the relative strength index period 14 is at 71 levels with the signal lines pointing upside to indicate buy signal.
S&P 500 Medium-term Trend: Bullish
S&P 500 is on the bullish movement on the 4-hour chart outlook. The bulls are still dominating the market. When the bulls took over from the bears, the former resistance level of $4169 was broken upside. The bulls steadily follow the direction of the bullish chart pattern; “Double bottom” formed in 4 hour time frame. The price is currently heading towards $4364 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 71 levels bending down displaying bearish signal which may be a pullback.
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