S&P 500 Price May Increase above $4169 Level Provided Buyers Exert More Pressure

Buyers’ momentum increases in S&P 500 market

S&P 500 Price Analysis – 11 April

S&P 500 might break through the $4169 resistance level if buying pressure increases, and further buying could push the price up to the $4276 and $4354 levels. If the $4169 resistance level is held, the price may reverse and fall in the direction of the support levels of $4087, $3927, and $3806.

Price Levels:

Resistance levels: $4169, $4276, $4364

Support levels: $4087, $3927, $3806

 

S&P 500 Long-term trend: Bullish

S&P 500 is moving in a bullish direction in the daily chart. A support level of $3927 was broken on March 9. Because there was no strong selling pressure, the price was unable to reach the $3806 support level. It complied with the demands of the customers as they put more pressure on the price. The commodity’s price began to rise on March 16 and increased to a high of $4087. Price increases past the dynamic resistance level. The $4087 resistance level broke up as a result of increased buying pressure. The price is currently moving towards $4169 after retracement to $4087.

The S&P 500 might break through the $4169 resistance level if buying pressure increases, and further buying could push the price up to the $4276 and $4354 levels. If the $4169 resistance level is held, the price may reverse and fall in the direction of the support levels of $4087, $3927, and $3806. The signal line is pointing up and the relative strength index period 14 is at 61, providing a buy signal.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is in the bullish direction. By holding the $4169 resistance level, the sellers prevented a strong increase in the price of the S&P 500. Once the price crossed the $3927 support level, selling pressure caused a price decline. Following the failure of the $3927 to hold, the price was moving toward $3740. The price is gradually moving toward the previous high of $4169 as buyers are interfering with sellers.

The S&P 500 price is currently trading above both the 9- and 21-period exponential moving averages. On the Relative Strength Index period 14, at level 65, a positive signal is discernible.

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