S&P 500 Price Is Targeting $3927 Resistance Level

Bullish pressure increases in S&P 500 market

S&P 500 Price Analysis – October 25

In case the bulls’ pressure could break up resistance level of $3927, S&P 500 may increase towards resistance levels at $4087, and $4169. Below the price at the moment are support levels at $3740, $3650, and $3567. The relative strength index period 14 is at 54 levels with the signal lines pointing up to indicate buy signal.

Key levels:

Resistance levels: $3927, $4087, $4169

Support levels: $3740, $3650, $3567

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The price action has formed a long “W” pattern on the daily chart in the S&P 500 market. Bears eventually push the price to the support level at $3493 on October 13. It bounced up from the mentioned support level and penetrates the dynamic resistance level. The price is targeting the resistance level of $3927 at the moment.

S&P 500 is trading above the 9 periods EMA and the 21 periods EMA which connote an increase in the buyers’ momentum. S&P 500 may reach and penetrate resistance level at $3927 upside, and further increase envisaged. Below the price at the moment are support levels at $3740, $3650, and $3567. The relative strength index period 14 is at 54 levels with the signal lines pointing up to indicate buy signal.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart outlook, S&P 500 is on the bullish movement.  Double bottom chart pattern formation noticed on 4 hour chart. The support level of $3493 has been tested and bears could not penetrate the level downside. The bulls reacted against the bearish movement and the price has broken upside the resistance level of $3740. In case the bulls’ pressure could break up resistance level of $3927, price may increase towards resistance levels at $4087, and $4169.

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 displaying bullish signal.

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