S&P 500 Price: Double Bottom Chart Pattern at $3493, Bulls Are Dominating

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Bullish pressure increases in S&P 500 market

S&P 500 Price Analysis – November 01

S&P 500 may penetrate resistance level at $3927 upside, and further increase may face resistance at $4087 and $4169. If price is rejected at the $3927 level, barriers may be found at the support levels of $3740, $3740, and $3649.

Key levels:

Resistance levels: $3927, $4087, $4169

Support levels: $3740, $3650, $3575

 

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The price action formed another short “W” pattern on the daily chart in the S&P 500 market. When Bears pushed the price to the support level at $3493 on October 13. It bounced up from the mentioned support level and penetrates the dynamic resistance level. The price is trying to break up resistance level of $3927 at the moment.

S&P 500 is trading above the 9 periods EMA and the 21 periods EMA which connote an increase in the buyers’ momentum. S&P 500 may penetrate resistance level at $3927 upside, and further increase may face resistance level at $4087 and $4169. If price is rejected at the $3927 level, barriers may be found at the support levels of $3740, $3740, and $3649. The relative strength index period 14 is at 57 levels with the signal lines pointing up to indicate buy signal.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart outlook, S&P 500 is on the bullish movement.  Double bottom chart pattern formation noticed on 4 hour chart. The support level of $3491 has been tested and bears could not penetrate the level downside. The bulls reacted against the bearish movement and the price has broken upside the former resistance level of $3740 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 bullish signal.

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