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Buyers are returning in to S&P 500 market
S&P 500 Price Analysis – 12 September
S&P 500 may increase to the $4606 barrier level and then continue to rise until it hits $4723 if the $4529 resistance level is breached. If the $4529 level is held, the price may continue to move in the direction of the support levels of $4437, $4343, and $4276.
Key Levels:
Resistance levels: $4529, $4606, $4723
Support levels: $4437, $4343, $4276
S&P 500 Long-term trend: Bullish
On the daily chart, the S&P 500 is moving in a bullish direction. The buyers controlled the price of the S&P market last month. When there was purchasing pressure, the bullish trend rose beyond the $3631 resistance mark and peaked at $4606. Because sellers defended the $4606 barrier, the bulls’ energy waned. S&P 500 declined and tested $4343 again as support. At that point, sellers’ pressure was no longer effective. Bulls are currently in control of the market, which is aiming for its previous high of $466.
If the $4529 level is held, S&P 500 may continue to move in the direction of the support levels of $4437, $4343, and $4276. The signal line is moving upward and the relative strength index period 14 is at 52, which indicates a purchase signal. Price may increase to the $4606 barrier level and then continue to rise until it hits $4723 if the $4529 resistance level is breached.
S&P 500 Medium-term Trend: Bullish
On the 4-hour chart, the S&P 500 is trending upward. The sellers were successful in preventing the S&P 500’s price from drastically increasing over the past two weeks by maintaining the $4476 barrier level. As soon as it passed the $4631 barrier level, consumer demand increased and the price started to fall. As the price dropped, the psychological ceiling of $4476 came into view. Buyers were successful in defending the $4343 support level. The $4529 is the current resistance level and the goal level.
The S&P 500’s price is currently higher than both the exponential moving averages of 9 and 21 periods. The Relative Strength Index period 14 displays a bullish signal at level 53, which may be a harbinger of a pullback.
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