S&P 500 Price Is Targeting Resistance Level of $3886

Azeez Mustapha



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Bullish pressure increases in S&P 500 market

S&P 500 Price Analysis – October 03

The breaking up of $3886 resistance level will increase the price to $4139 and $4330 levels. Further price increase envisaged. Below the current S&P 500 price, support levels are found at $3651, $3559 and $3484.

Key levels:

Resistance levels: $3886, $4139, $4330

Support levels: $3651, $3559, $3484

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The bears eventually push the price to the support level at $3559 on October 02. It bounced up from the mentioned support level and penetrates the dynamic resistance level. The resistance level of $3651 is penetrated upside. Today, the bulls are dominating market and the price is increasing towards the $3886 resistance level.

S&P 500 is trading above the 9 periods EMA, the 21 periods EMA is above the price which connote an increase in the buyers’ momentum. The relative strength index period 14 is at 42 levels with the signal lines pointing upside to indicate buy signal. The breaking up of $3886 resistance level will increase the price to $4139 and $4330 levels.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart outlook, S&P 500 is on the bullish movement.  The support level of $3559 has been tested and bears could not penetrate the level downside. The bulls reacted against the bearish movement and the price breaks up $3651 level. The Price is bouncing towards $3886 levels after it breaks up $3651 level. S&P 500 may reach the resistance level at $3886 and break it upside, further increase envisaged. Below the current price, support levels are found at $3651, $3559 and $3484.

The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 64 levels displaying bullish signal which may be a price reversal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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