S&P 500 Price Is Targeting $5000 Resistance Level

Buyers’ momentum increases further

S&P 500 Price Analysis – 30 January

S&P 500 may go quickly into the resistance levels of $5000, $5066, and $5500 if the $4800 level is maintained. The Hull Suite indication and the QQE MOD histogram both point to a purchase. The entire amount spent may exceed $4875.

Key Levels:

Resistance levels: $5000 $5066, $5500

Support levels: $4800, $4797, $4599

 

S&P 500 Long-term trend: Bullish

The daily chart shows an increase in the S&P 500 Index. On October 27, sellers drove the price down to the $4095 support level. The bullish trend began with the formation of a bullish engulfing candle. S&P 500 market values exceed $4797 and $4599. It then begins to climb northward. The “W” chart’s pattern suggested a bullish reversal near the $4802 barrier level. On January 19, the price tested and broke above $4800 due to purchasing demand.  The S&P 500 is targeting all-time highs at the $5000 resistance level as the buyers held onto the freshly formed support level.

S&P 500 may go quickly into the resistance levels of $5000, $5066, and $5500 if the $4800 level is maintained. The Hull Suite indication and the QQE MOD histogram both point to a purchase. The entire amount spent may exceed $4875.

S&P 500 Medium-term Trend: Bullish

Positive signals can be seen on the S&P 500’s four-hour chart. The bulls’ strong momentum above the $4797 support level is driving price higher above the $4800 resistance level. As the price has risen, the bulls have held fast to the previously established level. The bullish engulfing candle from yesterday indicates that the $5000 price goal may be reached.

The Hull Suite indicator is less expensive than the S&P 500. A buy signal is shown by the QQE MOD indicator being above zero.

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