S&P 500 Price Retests $3740 Level Before Bullish Trend Continues

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Bullish pressure increases in S&P 500 market

S&P 500 Price Analysis – November 08

In case the price is rejected at the $3927 level, barriers may be found at the support levels of $3740, $3740, and $3649. Further increase in the bulls’ momentum may push S&P 500 to penetrate the resistance level at $3927 upside and may increase to the face resistance levels at $4087 and $4169.

Key levels:

Resistance levels: $3927, $4087, $4169

Support levels: $3740, $3650, $3575

 

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. Our last week’s predicted target is reached. It was predicted that the price will reach the resistance level of $3927 based on the short “W” chart pattern formed on the daily time frame. Price pulled back and retest the support level of $3740. At the moment, buyers are gathering momentum to dominate the S&P 500 market.

S&P 500 is trading slightly above the 9-periods EMA and the 21-period EMA which connote an increase in the buyers’ momentum. In case the price is rejected at the $3927 level, barriers may be found at the support levels of $3740, $3740, and $3649. Further increase in the bulls’ momentum may push S&P 500 to penetrate the resistance level at $3927 upside and may increase to the face resistance level at $4087 and $4169. The relative strength index period 14 is at 53 levels with the signal lines pointing up to indicate a buy signal.

S&P 500 Medium-term Trend: Bullish

On the 4-hour chart outlook, S&P 500 is on a bullish movement.  The bulls pushed the price to test the resistance level of $3927 on 28 October. The target of the Double bottom chart pattern formed is reached. Price pulled back and may continue a bullish trend soon.

The price is crossing the 9-periods EMA and 21-periods EMA upside as an indication of bullish movement. The relative strength index period 14 is at 53 levels displaying a bullish signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.