S&P 500 Price Experiences a Bullish Reversal at $3649 Level

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S&P 500 Price Analysis – June 28

In case the resistance level of $3927 is defended by the bears, price may face support levels at $3832, $3740 and $3649. S&P 500 may penetrate resistance level at $3927 upside, and further increase to the previous high at $4087.

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 sellers’ pressure eventually pushed the price to reach the support level of $3649. The sellers’ pressure decreases and it could not break down the level. When the buyers’ momentum became strong. The price commences a bullish trend in which the former resistance level of $3740 and $3832 was broken upside. The buyers gained more pressure and the price increases to the resistance level of $3927. S&P 500 is pulling back at moment.

S&P 500 is trading between the 9 periods EMA and the 21 periods EMA which connote an increase in the buyers’ momentum. The relative strength index period 14 is at 43 levels with the signal lines pointing down to indicate sell signal which may be a pullback. In case the resistance level of $3927 is defended by the bears, price may face support levels at $3832, $3740 and $3649.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart outlook, S&P 500 is on the bullish movement.  The support level of $3649 holds and the bears’ pressure failed. The price could not break down the mentioned support levels. Price was bounced towards $3843 level after it breaks up $3740 and $3832 levels. S&P 500 may penetrate resistance level at $3927 upside, and further increase to the previous high at $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 46 levels displaying bearish signal which may be a pullback.

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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.