S&P 500 Price May Retest Previous High at $4631 Level

Azeez Mustapha

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Buyers are dominating S&P 500 market

S&P 500 Price Analysis – 05 September

If the $4476 resistance level is broken, the price may rise to the $4631 barrier level and then keep rising until it reaches $4723. S&P 500 may continue to move in the direction of the support levels of $4364, $4276, and $4180 if the $4476 level is held

Key Levels:

Resistance levels: $4631, $4723, $4813

Support levels: $4476, $4364, $4276

S&P 500 Long-term trend: Bullish

On the daily chart, the S&P 500 is moving in a bullish direction. Last month, the price of the S&P market was under the control of the buyers. The bullish movement surpassed the $3631 resistance level and peaked at $4631 when there was buying pressure. The bulls’ impetus wore out because sellers defended the $4631 level. S&P 500 pulled back and retested the support level of $4364. Sellers’ pressure failed at the just mentioned level. At the moment, bulls are dominating the market and it is targeting the previous high at $4631 level.

The price may continue to move in the direction of the support levels of $4364, $4276, and $4180 if the $4476 level is held. The relative strength index period 14 is at 48 and the signal line heading higher indicates a purchase signal, which may indicate a retreat. If the $4476 resistance level is broken, the price may rise to the $4631 barrier level and then keep rising until it reaches $4723.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is trending upward. By holding the $4476 barrier level, the sellers were able to stop the S&P 500’s price from rising significantly last two weeks. Consumer demand increased and the price began to decrease as soon as it crossed the $4631 barrier level. The psychological ceiling of $4476 was in sight as the price fell. Buyers were able to protect the support level of $4364.The current objective level is $4476 resistance level.

The S&P 500’s price is currently higher than both the exponential moving averages of 9 and 21 periods. The Relative Strength Index period 14 displays a bullish signal at level 51, which may be a harbinger of a pullback.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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