S&P 500 Price Is Testing $4875, What Else?

Bulls’ pressure increase on $4875 level

S&P 500 Price Analysis – 23 January

If the $4800 level is held, the S&P 500 may go swiftly into the resistance levels of $4875, $4966, and $5000. Both the QQE MOD histogram and the Hull Suite indicator suggest a buy. Total spending can be more than $4875.

Key Levels:

Resistance levels: $4875, $4966, $5000

Support levels: $4800, $4678, $4599

S&P 500 Long-term trend: Bullish

The S&P 500 Index is rising on the daily chart. Sellers forced the price down to the $4095 support level on October 27. The creation of a bullish engulfing candle started the bullish trend. S&P market surpasses $4493 and $4599. After then, it starts to ascend northward. The pattern of the “W” chart indicated a bullish reversal close to the $4802 barrier level. On December 13, buying pressure caused the price to test and break over $4678.  The buyers maintained their hold on the recently established support level, and the S&P 500 hit all-time highs of $4875 resistance level.

If the $4800 level is held, the S&P 500 may go swiftly into the resistance levels of $4875, $4966, and $5000. Both the QQE MOD histogram and the Hull Suite indicator suggest a buy. Total spending can be more than $4875.

S&P 500 Medium-term Trend: Bullish

The four-hour chart of the S&P 500 shows encouraging hints. Price is rising above the $4674 resistance level due to the bulls’ strong momentum above the $4599 support level. The bulls have clung to the previously set level as the price has increased. Yesterday’s bullish engulfing candle shows that the current price target of $4875 has been reached.

Compared to the S&P 500, the Hull Suite indication is less expensive. The QQE MOD indicator is above zero, indicating a buy signal.

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