S&P 500 Price: Double Bottom Chart Pattern at $3493 Level, Price Increase to $3927 Envisaged

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Bullish movement in S&P 500 market

S&P 500 Price Analysis – October 18

In case the resistance level of $3740 is penetrated by the bulls, S&P 500 may face resistance levels at $3849, and $3927. Below the current price are support levels at $3650, $3567 and $3493.

Key levels:

Resistance levels: $3740, $3849, $3927

Support levels: $3650, $3567, $3493

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The price tested the support level at $3645 on 30 September. The price pulled back to retest the resistance level of $3743. The sellers’ pressure increases when the buyers’ momentum became weak at the resistance level of $3743.The price continue a bearish trend in which the former support levels of $3650 was penetrated and $3567 level was reached. It seems the bearish momentum is becoming weak. Buyers may take over soon.

S&P 500 is trading slightly above the 9 periods EMA and the 21 periods EMA which indicate an increase in the bulls’ pressure. The relative strength index period 14 is at 47levels with the signal lines pointing up to indicate buy signal. In case the resistance level of $3740 is penetrated by the bulls, price may face resistance levels at $3849, and $3927. Below the current price are support levels at $3650, $3567 and $3493.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on the bullish movement on the 4-hour chart outlook. The price action has formed a double bottom chart pattern. This is a bullish chart pattern in which traders are expected to go long. Bullish pressure increases already and the former resistance levels of $3567 and $3650 have turned to support levels. Price is already expose to resistance level of $3740.

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 54 levels displaying bullish signal.

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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.