S&P 500 Price Is Struggling to Break Up $4087 Resistance Level

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Price may further increase in S&P 500 market

S&P 500 Price Analysis – 13 December

When the momentum of the buyers increases, S&P 500 may break up the resistance level of $4087, and further increase envisaged towards $4169 and $4276 levels.  The support level of $3937 can be penetrated if sellers increase their pressure, then, support level of $3740, and $3640 may be tested. The relative strength index period 14 is at 56 levels with the signal lines pointing up to indicate buy signal.

Key levels:

Resistance levels: $4087, $4169, $4276

Support levels: $3937, $3740, $3649

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The bulls maintain their position in the S&P 500 market but there was low volatility in the S&P 500 last week. S&P 500 continues trading within the resistance level of $4087 and support level of $3937. The bulls are yet to gain enough pressure to break up the mentioned resistance level. Likewise, the bears made an attempt to break down the support level of $3937 but the bulls defended the mentioned level. At the moment, the price is trading with the $ 3937 and $4087 levels.

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 break up the resistance level of $4087, and a further increase is envisaged towards $4169 and $4276 levels.  The support level of $3937 can be penetrated if sellers increase their pressure, then, a support level of $3740, and $3640 may be tested. The relative strength index period 14 is at 56 levels with the signal lines pointing up to indicate a buy signal.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on a bullish movement in the 4-hour chart outlook.  Last two weeks, the price increased to the resistance level of $4087. It pulled back to retest the support level of $3937, the just mentioned level holds. There was a short period of consolidation at the $3937 level. Last week, the price increased again and the resistance level of $4087 was retested.

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 57 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.