S&P 500 Price Is Increasing Targeting $4631 Resistance Level

Buyers are dominating S&P 500 market

S&P 500 Price Analysis – 18 July

S&P 500 may surpass the $4631 resistance level as buying pressure picks up, and further buying could push the price as high as $4723 and $4813. If the $4631 level is held, the price may reverse and fall in the direction of the support levels of $4476, $4364, and $4276.

Key Levels:

Resistance levels: $4631, $4723, $4813

Support levels: $4476, $4364, $4276

S&P 500 Long-term trend: Bullish

On the daily chart, the S&P 500 is moving in a bullish direction. On March 9, the $3927 level of support was breached. Given that there was little to no selling pressure, it was unable to hit the $3740 support level. Bullish pressure builds starting on March 16 and peaks at $4476. Past the dynamic resistance level, the price rises. Strong buying pressure caused it to try the prior level to break up $4476 level, and now it is targeting the resistance level of $4631.

S&P 500 may surpass the $4631 resistance level as buying pressure picks up, and further buying could push the price as high as $4723 and $4813. If the $4631 level is held, the price may reverse and fall in the direction of the support levels of $4476, $4364, and $4276. A purchase signal is shown by the relative strength index period 14 being at 74 and the signal line pointing higher.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is trending upward. The buyers were successful in preventing a significant decline in the price of the S&P 500 by holding the $3927 barrier level. As soon as it passed the $4087 threshold level, the price started to skyrocket as consumer demand rose. As the price rose, the psychological ceiling of $4631 came into view. The $4476 threshold level was crossed when the purchasing pressure increased. Right now, it is attempting to overcome the $4631 resistance level.

The 9-period and 21-period exponential moving averages are currently trading below the S&P 500’s price. A positive signal can be seen on the Relative Strength Index period 14 at level 74.

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