S&P 500 Price May Continue a Bearish Trend

Bears are increasing in S&P 500 market

S&P 500 Price Analysis – 06 August

S&P 500 may increase and split into the resistance levels of $5186, $5262, and $5344 if the $5122 level holds. If the $5122 support level is breached, the price can test the $5009 and $4312 support levels.

Key Levels:

Resistance levels: $5186, $5262, $5344

Support levels: $5122, $5009, $4312

S&P 500 Long-term trend: Bearish

The daily chart of the S&P 500 Index shows a downward trend. The S&P 500 index has been primarily driven by acquisitions since October of last year. Another attempt to cross the $5667 barrier level was made on July 16. This was a very nearly unsuccessful undertaking. The sellers are preventing further price hikes by sticking to the set prices. That came down to $5,186. Prices are challenging the $5122 level, which is below the previous peak, as sellers try to break through the previously established barrier.

The S&P 500 may increase and split into the resistance levels of $5186, $5262, and $5344 if the $5122 level holds. If the $5122 support level is breached, the price can test the $5009 and $4312 support levels. The QQE MOD histogram and the Hull Suite crypto signals both point to a sell. Perhaps it will continue on the correct path.

S&P 500 Medium-term Trend: Bearish

The S&P 500’s 4-hour chart reveals patterns of decline. The price broke below the $5262 barrier level in the last two weeks due to the bears’ extraordinary activity. The bears have managed to hang on to the previously set level while the price declines. The price fell to $5186 last week after an engulfing bearish candle. The $5122 pricing target was reached. Bears are currently trading below the prior high.

Compared to the S&P 500, the Hull Suite indication is more expensive. When the QQE MOD indicator is less than or equal to zero, a sell signal is obvious.

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