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Buyers are pushing price higher
S&P 500 Price Analysis – 12 December
The bullish engulfing candle that developed last week indicates that the current price objective is $4606.00. S&P 500 may move quickly into the resistance levels of $4606, $4723, and $4813 if the $4532 level is maintained.
Key Levels:
Resistance levels: $4606, $4723, $4813
Support levels: $4532, $4437, $4345
S&P 500 Long-term trend: Bullish
Rising is the S&P 500 Index. Up to October 27, sellers set the prices on the S&P market. The “W” formation on the chart indicated a bullish reversal close to the $4087 barrier level. On October 30, the price tested and broke above $4345, due to purchasing pressure. The buyers retained the recently established support level, and when the price trend breaks over the $4437 and $4532 levels, the S&P 500 soars to new heights. At the moment, it is attempting to break up $4606 level.
S&P 500 may move quickly into the resistance levels of $4606, $4723, and $4813 if the $4532 level is maintained. The 71 rating on the period 14 relative strength index and the inclining trend of the signal line both point to a buy. The entire cost may come to more than $4606 in total.
S&P 500 Medium-term Trend: Bullish
There are signs of strength on the S&P 500’s four-hour chart. The double bottom chart pattern that emerged below the $4180 support level is what is causing the price to rise above the $4606 resistance level. As the price has climbed, the bulls have held onto the previously established level. The bullish engulfing candle that developed last week indicates that the current price objective is $4606.00.
The 21- and 9-period EMAs are less expensive than the S&P 500. The Relative Strength Index is rising during period 14, as indicated by a bullish signal at 71.
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