Price may increase above $4802 level
S&P 500 Price Analysis – 09 January
If the $4674 level is held, the S&P 500 may move swiftly into the resistance levels of $4802, $4878, and $49600. Both the QQE MOD histogram and the Hull Suite indicators suggest a buy. The total amount spent may exceed $4800
Key Levels:
Resistance levels: $4802, $4878, $49600
Support levels: $4674, $4599, $4493
S&P 500 Long-term trend: Bullish
Rising is the S&P 500 Index. Sellers pushed the price to the support level of $4095 on 27 October. A bullish engulfing candle formed that triggered the bullish trend. S&P market soars towards the north by breaking through $49600, $4599. The pattern of the “W” chart indicated a bullish reversal close to the $4802 barrier level. On December 13, the price tested and broke above $4674, driven by buying pressure. The buyers stayed at the recently established support level, and when the price trend broke over $4674, the S&P 500 hit all-time highs and pulled back. Right now, it’s getting close to the $4802 mark.
If the $4674 level is held, the S&P 500 may move swiftly into the resistance levels of $4802, $4878, and $49600. Both the QQE MOD histogram and the Hull Suite indicators suggest a buy. The total amount spent may exceed $4800.
S&P 500 Medium-term Trend: Bullish
The four-hour chart of the S&P 500 shows signs of strength. The price is rising above the $4674 resistance level as a result of the bulls’ strong momentum that emerged above the $4599 support level. The bulls have clung to the previously set level as the price has increased. The current price objective of $4813, as indicated by the bullish engulfing candle that appeared yesterday, is reached.
Compared to the S&P 500, the Hull Suite indicator are more affordable. The QQE MOD indicator is above zero level indicating buy signal.
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