S&P 500 Price May Break Up $4802 Resistance Level

Bulls are exerting more pressure on S&P 500

S&P 500 Price Analysis – 16 January

S&P 500 may advance quickly into the resistance levels of $4802, $4878, and $49600 if the $4674 level is maintained. The Hull Suite indicator and the QQE MOD histogram both point to a buy. Spending may surpass $4800 in total.

Key Levels:

Resistance levels: $4802, $4878, $49600

Support levels: $4674, $4599, $4493

S&P 500 Long-term trend: Bullish

Rising is the S&P 500 Index on daily chart. On October 27, sellers drove the price down to the $4095 support level. The bullish trend was initiated by the formation of a bullish engulfing candle. S&P market breaks through $4493 and $4599. It then climbs towards the north. The “W” chart’s pattern suggested a bullish reversal near the $4802 barrier level. Due to purchasing pressure, the price tested and broke above $4674 on December 13.  The purchasers held onto the newly formed support level, and the S&P 500 reached record highs before retreating when the price trend broke over $4674. It is currently approaching the $4802 threshold.

S&P 500 may advance quickly into the resistance levels of $4802, $4878, and $49600 if the $4674 level is maintained. The Hull Suite indicator and the QQE MOD histogram both point to a buy. Spending may surpass $4800 in total.

S&P 500 Medium-term Trend: Bullish

S&P 500’s four-hour chart exhibits positive signals. The bulls’ strong momentum above the $4599 support level is pushing the price above the $4674 resistance level. As the price has risen, the bulls have held fast to the previously established level. The bullish engulfing candle that occurred yesterday indicates that the current price objective of $4802 has been reached.

The Hull Suite indicator is less costly than the S&P 500. A buy signal is shown by the QQE MOD indicator being above zero.

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