S&P 500 Price May Increase Above $5758 Resistance Level

Bulls have clung to the previously set level

S&P 500 Price Analysis – 01 October

The S&P 500 may increase and divide into the resistance levels of $5758, $5826, and $5900 if the $5669 level holds. In the event that the $5669 support level is broken, the price can test the $5579 and $5502 support levels.

Key Levels:

Resistance levels: $5758, $5826, $5900

Support levels: $5669, $5579, $5502

S&P 500 Long-term trend: Bullish

The daily chart of the S&P 500 Index suggests an inclining trend. Acquisitions have been the index’s primary driver since August 5. An extra attempt was made on August 13 to surpass the $5500 threshold. Following the proposal’s approval, there was $5669 more opposition. The vendors avoided further price increases by adhering to the previously established pricing at the previously indicated level. The resulting double-topped bearish reversal chart pattern was not sustainable. The S&P 500 is currently trading higher than it did a short time ago, which is close to the $5758 mark.

The S&P 500 may increase and divide into the resistance levels of $5758, $5826, and $5900 if the $5669 level holds. In the event that the $5669 support level is broken, the price can test the $5579 and $5502 support levels. The QQE MOD histogram and the Hull Suite crypto signals both point to a buy. Perhaps it will continue on the correct path.

S&P 500 Medium-term Trend: Bullish

The S&P 500 4-hour chart exhibits an inclination pattern. The price was unable to breach below the $5414 barrier level due to the bulls’ intense activity throughout the previous two weeks. The bulls have clung to the previously set level while the price has been climbing. Because of an engulfing double top chart pattern, the price bounced off $5126 last week. Bulls are currently trading above the previous high, which was $5758.

Compared to the S&P 500, the Hull Suite indication is less expensive. A strong buy signal is indicated by the QQE MOD indicator rising above zero.

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