S&P 500 Price May Be Rejected at $4606 Resistance Level

Sellers are defending $4606 level

S&P 500 Price Analysis – 05 December

If the $4532 level is held, the S&P 500 might rise sharply into the resistance levels of $4606, $4723, and $4813. Both the signal line’s inclining trend and the period 14 relative strength index’s 67 rating suggest a buy. The total expense can exceed $4606 in total

Key Levels:

Resistance levels: $4606, $4723, $4813

Support levels: $4532, $4437, $4345

S&P 500 Long-term trend: Bullish

The S&P 500 Index is rising. Prices on the S&P market were set by sellers until October 27. A bullish reversal was signaled by the “W” chart pattern near the $4087 barrier level. On October 30, buying pressure caused the price to test and break up $4345.  The purchasers held the newly formed support level; the S&P 500 surges to new heights as the price trend breaks above the $4437 and $4532 levels. It is currently exposed to the $4606 level.

If the $4532 level is held, the S&P 500 might rise sharply into the resistance levels of $4606, $4723, and $4813. Both the signal line’s inclining trend and the period 14 relative strength index’s 67 rating suggest a buy. The total expense can exceed $4606 in total.

S&P 500 Medium-term Trend: Bullish

The four-hour chart of the S&P 500 is showing hints of strength. The price is rising over the $4606 resistance level due to the double bottom chart pattern that appeared below the $4180 support level. The bulls have clung to the previously set level as the price rises. The current price objective is $4606.00, as indicated by the bullish engulfing candle that emerged last week.

The cost of the 21- and 9-period EMAs is lower than that of the S&P 500. A bullish signal at 62 indicates that period 14 of the Relative Strength Index is rising.

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