S&P 500 Price May Continue on Bullish Trend Above $4169 Resistance Level

Bulls may continue dominating S&P 500 market

S&P 500 Price Analysis – 07 February

The S&P 500 may breach the $4169 resistance level if buying pressure increases, and more buying pressure could push the price up to the $4276 and $4286 levels. If the $4169 resistance level is held, the price could reverse and fall in the direction of the support levels of $4087, $3929, and $3740.

Key levels:

Resistance levels: $4169, $4276, $4286

Support levels: $4087, $3929, $3740

 

S&P 500 Long-term trend: Bullish

S&P 500 is on a bullish movement on the daily chart. Buyers drove the cost to the ceiling of $4087 on December 13. The suggested level of resistance proved to be a barrier to the upward trend. At the level, a double-top chart pattern that discouraged buyers was visible. With the help of sellers’ pressure, the $3740 threshold was reached, but the price was unable to fall below it. The high of December was once again tested on January 27 and penetrated upside on 31 January. $4169 resistance level was tested last week.

 

Indicating positive momentum, the S&P 500 is currently trading above both the 9-period and 21-period exponential moving averages. The S&P 500 may breach the $4169 resistance level if buying pressure increases, and more buying pressure could push the price up to the $4276 and $4286 levels. If the $4169 resistance level is held, the price could reverse and fall in the direction of the support levels of $4087, $3929, and $3740. A sell signal is indicated by the relative strength index period 14 being at 60 and the signal line pointing downward.

S&P 500 Medium-term Trend: Bullish

S&P 500 is bullish in the 4-hour time frame. The S&P 500 is expected to increase, according to the projection on the 4-hour chart. The sellers’ influence diminished as the price approached the $4169 resistance level. It resumed bullish trading after four hours. The price started to rise as the bulls gained momentum.

The $4169 resistance level was attained. Price is currently pulling back from mentioned resistance. The price of the S&P 500 is trading between the 9- periods EMA and 21-periods exponential moving averages. A bearish signal is visible on the Relative Strength Index period 14 at 58 levels.

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