S&P 500 Price Is Heading Toward $4087 Level

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Bullish pressure increases in S&P 500 market

S&P 500 Price Analysis – 29 November

When the momentum of the buyers increases S&P 500 may increase to a resistance level of $4087, and a further increase is envisaged towards the $4169 and $4276 levels.  The support levels can be found at $3954, $3740, and $3649.

Key levels:

Resistance levels: $4087, $4169, $4276

Support levels: $3954, $3740, $3649

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. Last week, there was low volatility in the S&P 500. This is what made low significant movement in the S&P 500 market. The resistance level of $3454 was broken upside on 10 November. The price is currently exposed to the resistance level of $4087. The price is gradually increasing. The price may reach the resistance level of $4087 this week.

S&P 500 is trading slightly above the 9-periods EMA and the 21-period EMA which indicate a bullish momentum. When the momentum of the buyers increases S&P 500 may increase to a resistance level of $4087, and a further increase is envisaged towards the $4169 and $4276 levels.  The support levels can be found at $3954, $3740, and $3649. The relative strength index period 14 is at 54 levels with the signal lines pointing down to indicate a sell signal.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on a bullish movement in the 4-hour chart outlook.  The price is soaring north after the formation of the bullish chart pattern called the Double bottom in the 4-hour time frame. The price is currently retesting the support level of $3954 level.

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 51 levels displaying a 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.