Buyers’ momentum increase in S&P 500 market
S&P 500 Price Analysis – 17 October
If the $4340 level is maintained, the price may continue to move in the direction of the resistance levels of $4436, and $4529 and $4606. Price may rise to the $4436 barrier level and then continue to rise until it reaches the $4529 level.
Key Levels:
Resistance levels: $4436, $4529, $4606
Support levels: $4340, $4277, $4180
S&P 500 Long-term trend: Bullish
The S&P 500 is attempting a bullish reversal. The S&P market’s pricing has been in the sellers’ control since September 1st. When a short “M” chart pattern formed near the $4606 resistance level. The selling pressure occurred and $4180 w a tested on 03 October. When it breached the $4436 support level. Strong bullish candles formed as a result of buyers defending the $4340 support level suggest that bulls are poised to take control of the S&P 500 market. The bulls are currently pushing the market toward a level of $4436.
If the $4340 level is maintained, the price may continue to move in the direction of the resistance levels of $4436, and $4529 and $4606. Both the upward trend of the signal line and the 57 rating for the period 14 relative strength index point to buying. Price may rise to the $4436 barrier level and then continue to rise until it reaches the $4529 level.
S&P 500 Medium-term Trend: Bullish
On the 4-hour chart, the S&P 500 is bullish. The formation of a double top chart pattern at the resistance level of $4529 drove the price down to the support level of $4180. The Bulls defend the just-mentioned level and there is an emergence of short double-bottom pattern. A strong bullish engulfing candle formed on October 6 and the price is currently increasing towards $4436 level.
The price of the S&P 500 has risen above both its nine-period and twenty-one-period exponential moving averages at this time. At level 57, the Relative Strength Index period 14 shows a bullish signal.
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