S&P 500 Price: Double Top Chart Pattern at $6099

Sellers are gaining more strength in S&P 500 market

S&P 500 Price Analysis – 02 January

If the $5877 level holds, the S&P 500 can rise and split into the resistance levels of $6021, $6099, and $6100. The price may test the $5758 and $5667 levels if the $5877 support level is broken.

Key Levels:

Resistance levels: $6021, $6099, $6100

Support levels: $5877, $5758, $5667

S&P 500 Long-term trend: Bearish

The S&P 500 Index’s daily chart indicates a decreasing trend. Since August 5, acquisitions have been the index’s main driver. On December 6, there was another effort to reach the $6100 milestone. More customers are anticipated when the idea is approved. The suppliers were able to temporarily halt further price increases by keeping the fixed price at the initial level mentioned. The double-top bearish reversal chart pattern that resulted proved persistent. The S&P 500 jumps to the $5877 support level from the $6100 level.

If the $5877 level holds, the S&P 500 can rise and split into the resistance levels of $6021, $6099, and $6100. The price may test the $5758 and $5667 levels if the $5877 support level is broken. Both the Hull Suite crypto signals and the QQE MOD histogram suggest a sell. Perhaps everything will proceed as planned.

S&P 500 Medium-term Trend: Bearish

The 4-hour chart of the S&P 500 shows a pattern of decline. For the past week, the price has been unable to break above the $6100 barrier level due to the bears’ fierce activity. As the price has been falling, the bears have been steady at the predefined level. Last week, the price surged back to $5877 due to an engulfing candle pattern. Since its most recent peak of $6021, Cardano’s price has been declining.

The Hull Suite indication is more costly than the S&P 500. When the QQE MOD indicator drops below zero, it indicates a strong sell signal.

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