Buyers’ pressure may increase the price to the $4723 level
S&P 500 Price Analysis – 01 August
S&P 500 may surpass the $4631 resistance level as buying pressure picks up, and further buying could push the price as high as $4723 and $4813. If the $4631 level is maintained, the price may reverse and fall in the direction of the support levels of $4476, $4364, and $4276
Key Levels:
Resistance levels: $4631, $4723, $4813
Support levels: $4476, $4364, $4276
S&P 500 Long-term trend: Bullish
On the daily chart, the S&P 500 is moving in a bullish direction. On March 9, the price found support at the $3927 level. Given that there was little to no selling pressure, it was unable to hit the $3740 support level. Bullish pressure rises starting on March 16 and peaks at $4476. Past the dynamic resistance level, the price rises. Due to strong buying pressure, it previously attempted to break past the $4476 level and is currently going for the $4631 resistance level.
S&P 500 may surpass the $4631 resistance level as buying pressure picks up, and further buying could push the price as high as $4723 and $4813. If the $4631 level is maintained, the price may reverse and fall in the direction of the support levels of $4476, $4364, and $4276. A buy signal is shown by the relative strength index period 14 being at 66 and the signal line pointing upward.
S&P 500 Medium-term Trend: Bullish
On the 4-hour chart, the S&P 500 is trending upward. The buyers were successful in preventing a significant decline in the price of the S&P 500 by holding the $4276 barrier level. As soon as it crossed the $4364 threshold level, the price started to skyrocket as consumer demand rose. As the price rose, the psychological ceiling of $4631 came into view. The $4476 threshold level was crossed when the purchasing pressure increased. At this time, $4631 is the objective level.
The price of the S&P 500 is currently above the exponential moving averages of 9 and 21 periods. A bullish signal is shown by the Relative Strength Index period 14 at level 59.
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