S&P 500 Price: Double Chart Pattern Formation, Bulls May Take Over

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S&P 500 Price Analysis – July 19

S&P 500 may penetrate resistance level at $3827 upside, and further increase envisaged. Below the price at the moment are support levels at $3832, $3740, and $3649.

Key levels:

Resistance levels: $3927, $4019, $4087

Support levels: $3832, $3740, $3649

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The price action has formed a short “W” pattern on the daily chart in the S&P 500 market. Bears eventually push the price to the support level at $3740 on June 16. 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 $3827 upside, and further increase envisaged. Below the price at the moment are support levels at $3832, $3740, and $3649. The relative strength index period 14 is at 53 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 $3649 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 resistance level of $3832 level. In case the bulls’ pressure could break up resistance level of $3927, price may increase towards resistance levels at $4019, and $4087.

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 59 levels displaying bullish signal.

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