S&P 500 price may surpass the $4276 level
S&P 500 Price Analysis – 30 May
The S&P 500 may break above the $4180 resistance level, and further buying could drive the price up to the $4276 and $4364 levels. The price may revert and fall in the direction of the support levels of $4180, $4087, and $3927 if the $4276 resistance level is held
Key Levels:
Resistance levels: $4276, $4364, $4476
Support levels: $4180, $4087, $3927
S&P 500 Long-term trend: Bullish
S&P 500 is moving in a bullish direction on the daily chart. On March 9, the support level of $3927 was shattered. Due to little to no selling pressure, it was unable to reach the $3740 support level. It complied with the client’s request to apply more pressure to pricing. S&P 500 rose from March 16 until it hit its apex of $4180. Beyond the dynamic resistance level, the price rises. As a result of strong purchasing pressure, the $4180 mark was crossed, and $4276 is the goal now.
As buying pressure picks up, the S&P 500 may break above the $4180 resistance level, and further buying could drive the price up to the $4276 and $4364 levels. The price may revert and fall in the direction of the support levels of $4180, $4087, and $3927 if the $4276 resistance level is held. The relative strength index period 14 is at 61 and the signal line pointing upward represents a purchase signal.
S&P 500 Medium-term Trend: Bullish
On the 4-hour chart, the S&P 500 is in the bullish direction. The buyers avoided a significant decrease in the price of the S&P 500 by maintaining the $3927 barrier level. When the price crossed the $4087 support level, buying pressure caused the price to incline. The $4180 resistance level was where the price was moving. A barrier level of $4180 was crossed when buyers’ pressure increased. It is currently exposed to a $4276 level.
The S&P 500 price is currently trading above both the 9- and 21-period exponential moving averages. On the Relative Strength Index period 14, at level 59, a bullish signal is discernible.
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