S&P 500 Price May Push Higher Above $5054 Level

S&P 500 is under bulls’ control

S&P 500 Price Analysis – 20 February

The $5054 resistance level, where buyers held onto the newly formed support level, is where the S&P 500 is currently pushing for all-time highs. If the $4966 level holds, the S&P 500 can go fast up into the resistance levels of $5054, $5066, and $5500.

Key Levels:

Resistance levels: $5054 $5066, $5500

Support levels: $4966, $4800, $4797

S&P 500 Long-term trend: Bullish

The S&P 500 Index is rising, according to the daily chart. Sellers forced the price down to the $4095 support level on October 27. A bullish engulfing candle signaled the start of the bullish trend. The S&P 500 has market values that are higher than $4597–$4797. After then, it starts to ascend northward. The pattern of the “W” chart indicated a bullish reversal close to the $4800 barrier level. The desire for purchases caused the price to test and break above $4800 on January 19.  The $5054 resistance level, where buyers held onto the newly formed support level, is where the S&P 500 is currently pushing for all-time highs.

If the $4966 level holds, the S&P 500 can go fast up into the resistance levels of $5054, $5066, and $5500. Both the QQE MOD histogram and the Hull Suite forex signals indicate a purchase. Spending more than $5054 in total is feasible.

S&P 500 Medium-term Trend: Bullish

The four-hour chart of the S&P 500 shows encouraging signals. Price is rising above the $4800 resistance level due to the bulls’ strong momentum above the $4797 support level. The bulls have clung to the previously set level as the price has increased. Yesterday’s bullish engulfing candle suggests that the $5066 price target may be achieved.

Compared to the S&P 500, the Hull Suite indication is less expensive. The QQE MOD indicator is above zero, indicating a buy signal.

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