S&P 500 Price Consolidates at $5500 Level

Azeez Mustapha

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S&P 500 market may pull back at $5500

S&P 500 Price Analysis – 02 July

If the $5414 level holds, the S&P 500 may rise and split into the resistance levels of $5500, $5578, and $5600. The price may test the $5265 and $5199 support levels if the $5414 support level is broken.

Key Levels:

Resistance levels: $5500, $5578, $5600

Support levels: $5414, $5265, $5199

S&P 500 Long-term trend: Bullish

S&P 500 Index daily chart indicates an increasing trend. Since October of last year, the S&P 500 index has been mostly driven by acquisitions. On April 1, there was another attempt to breach the resistance level of $5265, which had just been overcome. By maintaining the predetermined prices, the sellers are averting additional price increases. The cost increased until $4968, at which time it increased. Because buyers are rushing to surpass the previously set threshold, the price is currently testing $5500 level, which is higher than its previous top.

If the $5414 level holds, the S&P 500 may rise and split into the resistance levels of $5500, $5578, and $5600. The price may test the $5265 and $5199 support levels if the $5414 support level is broken. Both the Hull Suite crypto signals and the QQE MOD histogram suggest a buy. Maybe it will keep going in the right direction.

S&P 500 Medium-term Trend: Bullish

The 4-hour chart of the S&P 500 shows trends in inclination. Because of the extreme aggression of the bulls during the last two weeks, the price has broken above the $5265 barrier level. As the price has risen, the bulls have held fast to the previously established level. A bullish engulfing candle last week sent the price up to $5414. The $5500 pricing goal was accomplished. At present, bulls are trading above the $5414, the previous high.

The Hull Suite indicator is less expensive than the S&P 500. There is a buy signal when the QQE MOD indicator is higher than zero.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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