S&P 500 Price: Purchasers Interrupt Sellers at $3927 Level, Price Increase envisaged

Bulls may dominate S&P 500 market

S&P 500 Price Analysis – 07 March

S&P 500 may breach the $4090 resistance level if buying pressure increases, and further buying pressure could push the price up to the $4169 and $4276 levels. If the $4090 resistance level is held, the price may reverse and fall in the direction of the support levels of $3927, $3740, and $3649. Key levels:

Resistance levels: $4090, $4169, $4276

Support levels: $3927, $3740, $3649

 

S&P 500 Long-term trend: Bullish

S&P 500 is moving in a bullish direction on the daily chart. The resistance level of $4169 was tested on 02 February. The bullish momentum failed and the price could not penetrate the mentioned level. Sellers gained more pressure and the price obey their command.  The commodity started decreasing in price to $3927 level on 01 March. A bullish engulfing candle formed at the same level and the price is returning toward the previous high.

 

The 9-period is already penetrated by the price and it is trying to break up 21 periods EMA. S&P 500 may breach the $4090 resistance level if buying pressure increases, and further buying pressure could push the price up to the $4169 and $4276 levels. If the $4090 resistance level is held, the price may reverse and fall in the direction of the support levels of $3927, $3740, and $3649. A buy signal is indicated by the relative strength index period 14 being at 52 and the signal line pointing upward.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart, the S&P 500 is in the bullish direction. The buyers held the $3927 support level, preventing the S&P 500 from falling much lower. As the price reached the $3927 support level, the selling power ceased. When the previously mentioned level is held, it started to trade bullishly.

The price may continue to incline this week. The pricing right now is at the $4087 level. The price of the S&P 500 is trading higher than both the exponential moving averages of 9 and 21 periods. A bullish signal is visible on the Relative Strength Index period 14 at level 54.

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