S&P 500 Price: Bulls Exerting Pressure to Break Up $4593 Level

S&P 500 Price Analysis – April 05

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. An increase in the bulls’ momentum may break up the resistance level of $4593, S&P 500 may increase to $4723 and $4769 levels.

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 price formed a triple bottom chart pattern at the support level of $4169 on March 14. This is a bullish reversal signal and the price obeyed the command. The bulls gained more pressure and push up the price. The former resistance levels at $4364 and $4476 became a support levels. Last week, the resistance level of $4596 was penetrated but the bears disturbed the movement and it pulled back. Today, bulls are returning in to the market and the price may increase further.

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 61 levels with the signal lines pointing up to indicate buy signal. 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. An increase in the bulls’ momentum may break up the resistance level of $4593, S&P 500 may increase to $4723 and $4769 levels.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on the bullish trend on the daily chart outlook. When the sellers’ momentum could not break down the support level of $4168. The Triple bottom chart pattern formed at the mentioned level. The bullish movement has placed the price at $4593 level. S&P 500 is trying to exert more pressure to break up just mentioned resistance 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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