S&P 500 Price Repulsion at $5344 Level Envisaged

S&P 500 may reverse at $5344 level

S&P 500 Price Analysis – 04 June

If the $5265 level holds, the S&P 500 may rise and split into the resistance levels of $5344, $5413, and $5474. The $5199 and $5108 support levels could be breached by the price if the $5265 support level is broken.

Key Levels:

Resistance levels: $5344, $5413, $5474

Support levels: $5265, $5199, $5108

S&P 500 Long-term trend: Bullish

The S&P 500 Index’s daily chart is trending higher. The S&P 500 index has been headed by purchases since October of last year. On April 1, an attempt was made to overcome the resistance level of $5265, which had been breached earlier. By maintaining the predetermined prices, the sellers are averting additional price increases. The cost decreased until it reached $4968, at which point it rose. With purchasers rallying to hold the previously indicated level, the price is currently increasing over its previous peak.

If the $5265 level holds, the S&P 500 may rise and split into the resistance levels of $5344, $5413, and $5474. The $5199 and $5108 support levels could be breached by the price if the $5265 support level is broken. A buy is indicated by both the Hull Suite forex signal and the QQE MOD histogram. It could carry on in the right direction.

S&P 500 Medium-term Trend: Bullish

The 4-hour chart of the S&P 500 shows trends of inclination. Because of the bulls’ extreme aggression over the last two weeks, the price has surged above the $5265 barrier level. As the price has risen, the bulls have held fast to the previously established level. A bullish engulfing candle last week sent the price upward toward $5344. The price target of $5265 was attained. Bulls and bears are currently both at the level that was previously described.

The Hull Suite indicator is less expensive than the S&P 500. There is a buy signal when the QQE MOD indicator is higher than zero.

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