S&P 500 Price May Reverse at $4606 Resistance Level

Sellers may oppose buyers soon

S&P 500 Price Analysis – 28 November

The S&P 500 may move significantly higher toward the resistance levels of $4606, $4723, and $4813 if the $4532 level is maintained

Key Levels:

Resistance levels: $4606, $4723, $4813

Support levels: $4532, $4437, $4345

S&P 500 Long-term trend: Bullish

Rising is the S&P 500 Index. Sellers controlled the S&P market’s pricing till 27 October. The “W” chart pattern around the $4087 barrier level indicated a bullish reversal. On October 30, the price tested and broke up to $4345 due to buying pressure.  The buyers held the recently established support level, the price trend increased by breaking over the $4437, and $4532 levels, and the S&P 500 soared to the moon. It is exposed to the $4606 level at the moment.

The S&P 500 may move significantly higher toward the resistance levels of $4606, $4723, and $4813 if the $4532 level is maintained. The 73 rating on the period 14 relative strength index and the inclining trend of the signal line both point to a buy. The entire cost could go beyond $4606.

S&P 500 Medium-term Trend: Bullish

The S&P 500’s four-hour chart shows signs of strength. The double bottom chart pattern that emerged below the $4180 support level is driving the price higher above the $4606 resistance level. As the price has increased, the bulls have held onto the previously established level. The bullish engulfing candle that appeared last week indicates that the current price goal is $4606.00.

The 21- and 9-period EMAs are less expensive than the price of the S&P 500. A bullish signal at level 80 denotes an upturn in the Relative Strength Index period 14.

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