S&P 500 Price May Penetrate $5108 Resistance Level

S&P 500 is growing higher

S&P 500 Price Analysis – 27 February

S&P 500 can rise quickly into the resistance levels of $5108, $5166, and $5500 if the $5068 level holds. The bullish engulfing candle from yesterday raises the possibility of hitting the $5108 price target.

Key Levels:

Resistance levels: $5108 $5166, $5500

Support levels: $5068, $4800, $4797

S&P 500 Long-term trend: Bullish

The daily chart indicates an increase in the S&P 500 Index. On October 27, sellers drove the price down to the $4095 support level. The beginning of the bullish trend was indicated by a bullish engulfing candle. The market values of the S&P 500 exceed the range of $4800–$4797. It then begins to climb northward. The “W” chart’s pattern suggested a bullish reversal near the $4800 barrier level. On January 19, the price tested and broke above $4800 due to the urge to purchase. S&P 500 is currently pushing for all-time highs near the $5108 barrier level, where buyers held onto the recently constructed support level.

S&P 500 can rise quickly into the resistance levels of $5108, $5166, and $5500 if the $5068 level holds. A purchase is indicated by the Hull Suite signal as well as the QQE MOD histogram. It is possible to spend more than $5108 in total.

S&P 500 Medium-term Trend: Bullish

Positive signs can be seen on the S&P 500’s four-hour chart. The bulls’ strong momentum above the $4797 support level is driving the price higher above the $4800 resistance level. As the price has risen, the bulls have held fast to the previously established level. The bullish engulfing candle from yesterday raises the possibility of hitting the $5108 price target.