S&P 500 Price Is Targeting Previous Peak

Buyers are holding onto S&P 500 market

S&P 500 Price Analysis – 27 August

If the $5580 level holds, the S&P 500 can rise and split into the resistance levels of $5667, $5765, and $6005. The $5500 and $5418 support levels may be tested by the price if the $5580 support level is shattered.

Key Levels:

Resistance levels: $5667, $5765, $6005

Support levels: $5580, $5500, $5418

S&P 500 Long-term trend: Bullish

The S&P 500 Index’s daily chart indicates an upward trend. Since August 5th, acquisitions have been the main driver of the index. On August 13th, there was another attempt to break through the $5500 barrier. This project was close to being approved. The buyers stopped further price declines by adhering to the predetermined prices, which currently stands at $5,667. The buyers are targeting price increases above $5580, which would take them closer to the previous peak.

If the $5580 level holds, the S&P 500 can rise and split into the resistance levels of $5667, $5765, and $6005. The $5500 and $5418 support levels may be tested by the price if the $5580 support level is shattered. Both the Hull Suite crypto signals and the QQE MOD histogram suggest a buy. Maybe it will keep going in the right direction.

S&P 500 Medium-term Trend: Bullish

The 4-hour chart of the S&P 500 shows inclination patterns. The strong activity of the bulls over the last two weeks prevented the price from breaking below the $5122 barrier level. As the price is rising, the bulls have been able to hold onto the previously established level. Last week, the price surged to $5580 due to an engulfing bullish candle. The objective price level is $5667. As of the now, bulls are trading above $5580.

The Hull Suite indicator is less expensive than the S&P 500. A buy signal is evidently obvious when the QQE MOD indicator is greater than zero.

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