S&P 500 Price Is Targeting Last Week High at $4087 Resistance Level

Bulls continue dominating S&P 500 market

S&P 500 Price Analysis – 24 January

The S&P 500 may break through the $4087 resistance level if the buying pressure increases, and more buying pressure might push the price up to $4169 and $4276 levels. If the resistance level of $4087 persists, price may turn around and fall in the direction of the support levels of $3929, $3740, and $3649.

Key levels:

Resistance levels: $4087, $4169, $4276

Support levels:  $3929, $3740, $3649

S&P 500 Long-term trend: Bullish

S&P 500 is on a bullish movement on the daily chart. On December 13, buyers drove the price up to the $4087 barrier level. The barrier at the aforementioned level proved to be a roadblock to the bullish trend. At the level, a double top chart pattern developed which resisted purchasers. The price dropped to the $3740 level but was unable to break through it. The resistance level of $3929 was breached last week, and the price is now approaching the high from last month at a level of $4087.

The S&P 500 is currently trading higher than both the 9-period and 21-period exponential moving averages, which suggests bullish momentum. The S&P 500 may break through the $4087 resistance level if the buying pressure increases, and more buying pressure might push the price up to $4169 and $4276 levels. If the resistance level of $4087 persists, price may turn around and fall in the direction of the support levels of $3929, $3740, and $3649. A buy signal is being displayed with the relative strength index period 14 at 59 and the signal line pointing upward.

S&P 500 Medium-term Trend: Bullish

The S&P 500 is expected to move upward, according to the projection on the 4-hour chart. The might of the sellers diminished when the price approached the $3740 support level. It started trading variations in the 4-hour. The price started to move upward when the bulls gained greater momentum.

Price is currently seeking for resistance at $4087. The price of the S&P 500 is rising since it is trading above both the 9- and 21-period exponential moving averages. A bullish signal is visible on the Relative Strength Index period 14 at 62 levels.

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