S&P 500 Price Is Struggling to Break Up $4169

Updated:

S&P 500 Price Analysis – August 09

In case S&P 500 penetrate resistance level at $4169 upside, there will be a further increase in price towards $4276 and $4364 levels. Below the price at the moment are support levels at $4087, $4019, and $3927.

Key levels:

Resistance levels: $4169, $4276, $4364

Support levels: $4087, $4019, $3927

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The price reached our target at $4169 after the formation of the double bottom chart pattern. This bullish chart pattern triggers the bullish trend in the S&P 500 market. For more than two weeks, the price has been under the pressure of the buyers. Former resistance levels of $3927 and $4019 have turned to support levels. The bulls’ pressure is increasing and the price increases accordingly.

S&P 500 is trading above the 9 periods EMA and the 21 periods EMA which indicate an increase in the buyers’ momentum. In case S&P 500 penetrate resistance level at $4169 upside, there will be a further increase in price towards $4276 and $4364 levels. Below the price at the moment are support levels at $4087, $4019, and $3927.  However, the relative strength index period 14 is at 60 levels with the signal lines pointing down to indicate sell signal which may be a pullback.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on the bullish movement on the 4-hour chart outlook. The bulls dominate the market for more than two weeks. The bulls took over from the bears when the support level of $3649 was tested and bears could not penetrate the level downside. The bullish chart pattern; “Double bottom” formed in 4 hour chart triggers the bullish trend. The price is currently struggling to break up $4169 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 61 levels bending down displaying bearish signal which may be a pullback.

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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.