S&P 500 Price Is Breaking Above $4183 Resistance Level

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S&P 500 price may increase to the $4276 level

S&P 500 Price Analysis – 23 May

The S&P 500 may breach the $4183 resistance level as buying pressure increases, and further buying may push the price up to the $4276 and $4479 levels. If the $4183 resistance level is held, the price may reverse and fall in the direction of the support levels of $4090, $3927, and $3740.

Key Levels:

Resistance levels: $4183, $4276, $4479

Support levels: $4090, $3927, $3740

S&P 500 Long-term trend: Bullish

S&P 500 is moving in a bullish direction on the daily chart. $3927 was broken on March 9 as a support level. It was unable to achieve the $3740 support level due to the little to nonexistent selling pressure. It cooperated with the heightened pressure on pricing when the client requested it. From March 16 until it reached its peak of $4183, the price increased. The price increases beyond the dynamic resistance level. The $4183 threshold was breached as a result of increased buying pressure and is targeting $4276.

The S&P 500 may breach the $4183 resistance level as buying pressure increases, and further buying may push the price up to the $4276 and $4479 levels. If the $4183 resistance level is held, the price may reverse and fall in the direction of the support levels of $4090, $3927, and $3740. A buy signal is indicated by the relative strength index period 14 being at 54 and the signal line pointing upward.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is in the bullish direction. By holding the $4183 barrier level, the sellers prevented a strong increase in the price of the S&P 500. Selling pressure resulted in the price falling when it crossed the $4090 support level. The price was heading in the direction of the $4183 resistance level. The price is currently fluctuating between a barrier level of $4183 and a level of $4090.

The S&P 500 price is currently trading above both the 9- and 21-period exponential moving averages. On the Relative Strength Index period 14, at level 59, a bearish signal is discernible which may be a pullback.

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