S&P 500 Price: Bulls Are Ruling Its World

Price may surpass $6429 line

S&P 500 Price Analysis – 05 August

The S&P 500 may touch the resistance levels of $6429, $6460, and $6500. This is assuming that the $6300 position stays steady. The price may test the $6232 and $6151 possibilities if it breaches the $6300 support level.

Key Levels:

Resistance levels: $6429, $6460, $6500

Support levels: $6300, $6232, $6151

S&P 500 Long-term trend: Bullish

There is an increasing trend on the S&P 500 Index’s daily chart. The market has been dominated by bulls for more than two weeks. Since February 19, the indicator has been driven primarily by subtractions. The $6300 milestone was attempted again on February 18; if the request is approved, more visits are anticipated. The buyers were successful in temporarily halting more price falls by maintaining the fixed price at the initial suggested position, and the double-bottom bullish reversal map pattern held up at $6232. From $6121, the S&P 500 moved up to the $6300 barrier level. The price is currently going up and getting close to $6429.

The S&P 500 may touch the resistance levels of $6429, $6460, and $6500. This is assuming that the $6300 position stays steady. The price may test the $6232 and $6151 possibilities if it breaches the $6300 support level. Both the Hull Suite crypto signals and the QQE MOD histogram point to a purchase. Everything might proceed as planned.

S&P 500 Medium-term Trend: Bullish

The 4-hour plot of the S&P 500 shows an increasing trend. For the first week, the price has not fallen below the $6232 hedge position due to the bulls’ robust support. As the price has been rising, the bulls have stayed steady at their assigned levels. Because of an engulfing candle pattern, the price is currently climbing toward $6429. The S&P 500 has been increasing in value ever since it recovered from $6232.

The Hull Suite guideline is less expensive than the S&P 500. The QQE MOD index rising above zero indicates a strong buying signal.

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