S&P 500 Price: Resistance Level of $5669 Is Broken Up

Buyers’ momentum become stronger

S&P 500 Price Analysis – 24 September

If the $5669 level holds, the S&P 500 can rise and split into the resistance levels of $5758, $5826, and $5900. The price may test the $5579 and $5502 support levels if the $5669 support level is destroyed.

Key Levels:

Resistance levels: $5758, $5826, $5900

Support levels: $5669, $5579, $5502

S&P 500 Long-term trend: Bullish

The daily chart of the S&P 500 Index indicates an inclining trend. Since August 5, acquisitions have been the index’s main catalyst. On August 13, an additional effort was made to break through the $5500 mark. After the proposal was approved, the amount of resistance increased to $5669. The vendors stuck to the already agreed upon pricing at the just-mentioned level, preventing further price hikes. The bearish reversal chart pattern with a double top that was produced could not hold. The S&P 500 is now trading above its previous high, which is located around $5758 level.

If the $5669 level holds, the S&P 500 can rise and split into the resistance levels of $5758, $5826, and $5900. The price may test the $5579 and $5502 support levels if the $5669 support level is destroyed. Both the Hull Suite crypto signals and the QQE MOD histogram suggest a buy. Maybe it will keep going in the right direction.

S&P 500 Medium-term Trend: Bullish

The 4-hour chart of the S&P 500 shows an inclination patterns. The strong activity of the bulls over the past two weeks prevented the price from breaking below the $5414 barrier level. As the price has been rising, the bulls have held onto the previously established level. Last week, the price bounced off $5126 due to an engulfing double top chart pattern. As of the now, bulls are trading above the previous high at $5758.

The Hull Suite indicator is less expensive than the S&P 500. The QQE MOD indicator climbing over zero indicates a strong purchase signal.

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