S&P 500 Price May Surpass $6906 Point

Bulls’ pressure increases in S&P 500

S&P 500 Price Analysis – 06 January

The resistance levels of $6906, $6950, and $7020 could be reached by the S&P 500. This forecast is predicated on the $6757 level staying the same. The price may move toward the $6589 and $6473 levels if it falls below the $6757 support level.

Key Levels:

Resistance levels: $6906, $6950, $7020

Support levels: $6757, $6589, $6473

 

 S&P 500 Long-term trend: Bullish

On its daily chart, the S&P 500 Index is presently trending upward. Bullish factors have dominated the market for the last three months. A string of higher movements has been the primary factor affecting the index since February 19. Another attempt to hit the $6757 mark was made on September 6, and this time it was successful. In order to stop further upward movement, the price was able to momentarily stabilize at the initial suggested price level. At $6950, the double-top bearish reversal pattern might not remain stable. From $6155 to the crucial resistance level of $6906, the S&P 500 has increased. But the price is still moving in the direction of its prior peak.

The resistance levels of $6906, $6950, and $7020 could be reached by the S&P 500. This forecast is predicated on the $6757 level staying the same. The price may move toward the $6589 and $6473 levels if it falls below the $6757 support level. A purchasing opportunity is indicated by both the Hull Suite cryptocurrency signals and the QQE MOD histogram. The mood of the market as a whole might improve.

S&P 500 Medium-term Trend: Bullish

The S&P 500’s 4-hour chart displays an upward trend. For the previous week, the price has been unable to rise above the $6906 level due to solid bullish support. Although the price has been progressively rising, bulls have maintained their holdings. However, the price is currently climbing quickly toward the $6906 level as a result of an engulfing candlestick pattern.

The value of the S&P 500 has been rising since it recovered from the $6757 level. At the moment, the Hull Suite is less expensive than the S&P 500. When the QQE MOD index rises above zero, a strong purchasing signal is produced.

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