S&P 500 Price May Pullback at $4169 Level

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S&P 500 Price Analysis – August 02

Below the price at the moment are support levels at $4087, $4019, and $3927. S&P 500 may penetrate resistance level at $4169 upside, and further increase envisaged towards $4276 and $4364 levels.  The relative strength index period 14 is at 64 levels with the signal lines pointing up to indicate buy signal.

Key levels:

Resistance levels: $4169, $4276, $4364

Support levels: $4087, $4019, $3927

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. The double bottom chart pattern formed triggers the bullish trend in the S&P 500 market. Since two weeks ago, the price has been operating under the pressure of the buyers. In other words, it has been bullish. Former resistance levels of $3927 and $4019 have turn to support. The bulls’ pressure is increasing and the price will increase accordingly.

S&P 500 is trading above the 9 periods EMA and the 21 periods EMA which connote an increase in the buyers’ momentum. Below the price at the moment are support levels at $4087, $4019, and $3927. S&P 500 may penetrate resistance level at $4169 upside, and further increase envisaged towards $4276 and $4364 levels.  The relative strength index period 14 is at 64 levels with the signal lines pointing up to indicate buy signal.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart outlook, S&P 500 is on the bullish movement. When the support level of $3649 was tested and bears could not penetrate the level downside. The bullish chart pattern called Double bottom formed in 4 hour chart. The price broke up the former resistance level of $4087 level. The resistance level of $4169 is exposed.

The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 70 levels displaying bullish signal.

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