S&P 500 Price: Can $5200 Resistance Level Be Broken Up?

S&P 500 tested $5200 level

S&P 500 Price Analysis – 12 March

S&P 500 may advance quickly into the resistance levels of $5200, $5266, and $5300 if the $5117 level holds. Both the Hull Suite signal and the QQE MOD histogram indicate a purchase. It is possible to spend more than $5200 in total.

Key Levels:

Resistance levels: $5200 $5266, $5300

Support levels: $5117, $5053, $4966

S&P 500 Long-term trend: Bullish

The daily chart indicates an increase in the S&P 500 Index. On October 27, sellers drove the price down to the $4095 support level. The beginning of the bullish trend was indicated by a bullish engulfing candle. The market prices of the S&P 500 exceed the $4800–$4966 range. It then begins to climb northward. The “W” chart’s pattern suggested a bullish reversal near the $4800 barrier level. On February 07, the price approached and surpassed $4966 due to the urge to acquire.  Right now, the S&P 500 is trying to surge to all-time highs near the $5200 barrier level, where buyers were able to hold onto the recently formed support level.

The S&P 500 may advance quickly into the resistance levels of $5200, $5266, and $5300 if the $5117 level holds. Both the Hull Suite forex signals and the QQE MOD histogram indicate a purchase. It is possible to spend more than $5200 in total.

S&P 500 Medium-term Trend: Bullish

Positive signs can be seen on the S&P 500’s four-hour chart. The bulls’ strong momentum above the $5053 support level is driving the price higher above the $5117 resistance level. As the price has risen, the bulls have held fast to the previously established level. A bullish engulfing candle from yesterday raises the probability of hitting the $5200 price target.

The Hull Suite indicator is less expensive than the S&P 500. A buy signal is shown by the QQE MOD indicator being above zero.

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