S&P 500 Price May Retest Previous High at $5165 Level

Buyers’ momentum increase in S&P 500 market

S&P 500 Price Analysis – 14 May

The bulls have clung to the previously set level as S&P 500 increases. Last week, a bullish engulfing candle occurred, which caused the price to increase towards $5265 level. The $4968 pricing target was reached. Bulls and bears are currently at the previously indicated level.

Key Levels:

Resistance levels: $5265, $5344, $5353

Support levels: $5199, $5108, $5054

 

S&P 500 Long-term trend: Bullish

The daily chart of the S&P 500 Index is showing an increase. Since October of last year, purchases have led the S&P 500 index. After prior barrier levels were broken, the resistance level of $5265 was tried on April 1. The sellers are preventing further price hikes by sticking to the set prices. The price dropped and went to the $4968 mark. As buyers built up their strength to hold the previously mentioned level, the price is currently rising back to its previous high.

The S&P 500 may increase and split into the resistance levels of $5265, $5344, and $5353 if the $5199 level holds. In the case that the $5199 support level fails, the price will be exposed to the support levels of $5108 and $5054. The QQE MOD histogram and the Hull Suite forex signal both suggest a purchase. It may continue in the correct direction.

S&P 500 Medium-term Trend: Bullish

The S&P 500’s 4-hour chart exhibits inclining trends. The price has been soaring over the $5199 barrier level for the last three weeks due to the bulls’ incredible vigor. The bulls have clung to the previously set level as the price has increased. Last week, a bullish engulfing candle occurred, which caused the price to increase towards $5265 level. The $4968 pricing target was reached. Bulls and bears are currently at the previously indicated level.

Compared to the S&P 500, the Hull Suite indication is less expensive. When the QQE MOD indicator is greater than zero, there is a purchase signal.

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