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Bulls’ pressure increase in S&P 500 market
S&P 500 Price Analysis – 10 October
S&P 500 may continue to move in the direction of the resistance levels of $4343, $4436, and $4529 if the $4277 level is held. If the $4343 resistance level is broken, price may increase to the $4436 barrier level and then keep rising until it reaches $4529 level.
Key Levels:
Resistance levels: $4343, $4436, $4529
Support levels: $4277, $4180, $4087
S&P 500 Long-term trend: Bullish
S&P 500 is trying to experience a bullish Reversal. Since 01 August, the pricing of the S&P market has been in the hands of the sellers. When there was the formation of a short “M” chart pattern at the resistance level of $4606 level. Selling pressure broke through the $4436 support level and reached its low at $4180 level. The buyers’ defense of the $4180 support with the formation of strong bullish candles indicates that bulls are ready to dominate the S&P 500 market. The market is currently being driven toward $4343 level by the bulls.
The price may continue to move in the direction of the resistance levels of $4343, $4436, and $4529 if the $4277 level is held. The period 14 relative strength index rating of 47 and the upward trend of the signal line both indicate buying. If the $4343 resistance level is broken, price may increase to the $4436 barrier level and then keep rising until it reaches $4529 level.
S&P 500 Medium-term Trend: Bullish
S&P 500 is bullish in the 4-hour chart. The double bottom chart pattern is noticed at the support level of $4180. Following the bullish reversal signal is the emergence of strong bullish candles. This has broken up the former resistance level of $4277 and the price is currently testing the resistance level of $4343. The psychological ceiling of $4343 was in sight as the price increased. Price may incline above the recently mentioned threshold.
The S&P 500’s price is currently higher than both its nine-period and twenty-one-period exponential moving averages. The Relative Strength Index period 14 displays a bullish signal at level 54 level that may portend a pullback.
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