Bulls are holding tight unto S&P market
S&P 500 Price Analysis – 21 October
The S&P 500 may touch the resistance levels of $6591, $6764, and $6820. This is assuming that the $6470 position stays steady. The price may test the $6284 and $6155 possibilities if it breaches the $6470 support level
Key Levels:
Resistance levels: $6591, $6764, $6820
Support levels: $6470, $6284, $6155
S&P 500 Long-term trend: Bullish
The S&P 500 Index’s daily chart indicates an increasing trend. The market has been dominated by bulls for more than two months. Since February 19, the indicator’s primary driver has been subtractions. Another attempt to reach the $6470 milestone was made on June 18; this time, the request was approved, and additional visits were conducted. The buyers were able to temporarily halt more price drops by maintaining the fixed price at the initial suggested position, and the double-bottom bullish reversal map pattern remained stable at $6155. The S&P 500 increased from $6155 to the $6764 barrier level. The price is currently struggle to break up $6764.
The S&P 500 may touch the resistance levels of $6591, $6764, and $6820. This is assuming that the $6470 position stays steady. The price may test the $6284 and $6155 possibilities if it breaches the $6470 support level. Both the Hull Suite crypto signals and the QQE MOD histogram point to a purchase. It may all go according to plan.
S&P 500 Medium-term Trend: Bullish
The 4-hour plot of the S&P 500 shows an increasing trend. For the first week, the price has not fallen below the $6470 hedge position due to the bulls’ robust support. As the price has been rising, the bulls have stayed steady at their assigned levels. An engulfing candle pattern is causing the price to rise quickly toward $6591. The S&P 500 has been increasing in value ever since it recovered from $6591.
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