S&P 500 Price: Bulls Oppose Bears at $4968 Level

Buyers gain more pressure in S&P 500 market

S&P 500 Price Analysis – 07 May

If the $5108 level holds, the S&P 500 can rise and split into the resistance levels of $5199, $5264, and $5344. The price will be exposed to the support levels of $5054 and $4968 if the $5108 support level fails.

Key Levels:

Resistance levels: $5199, $5264, $5344

Support levels: $5108, $5054, $4968

S&P 500 Long-term trend: Bullish

S&P 500 Index is showing an increase on the daily chart. The S&P 500 index has been dominated by purchasers since October of last year. On April 1, the resistance level of $5265 was tested following the breaking of earlier barrier levels. By adhering to the predetermined prices, the sellers are averting additional price increases. The price is declined and tested $4968 level. Buyers gained momentum to defend just mentioned level and the price is currently returning to the previous high.

If the $5108 level holds, the S&P 500 can rise and split into the resistance levels of $5199, $5264, and $5344. The price will be exposed to the support levels of $5054 and $4968 if the $5108 support level fails. Both the Hull Suite forex signals and the QQE MOD histogram point to a buy. It might keep going in the right direction.

S&P 500 Medium-term Trend: Bullish

The 4-hour chart of the S&P 500 shows inclining tendencies. Because of the bulls’ tremendous momentum over the past three weeks, the price has been rising over the $5196 resistance level. As the price has risen, the bulls have held fast to the previously established level. The price fell when a bearish engulfing candle occurred last week. The price target of $4968 was met. At the moment, bulls are opposing bears at just mentioned level.

The Hull Suite indicator is less costly than the S&P 500. A buy signal is present when the QQE MOD indicator is more than zero.

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