S&P 500 Price:  Sellers Are Opposing Buyers at $0.5758 Level

Bulls are struggling to break up $5758 level

S&P 500 Price Analysis – 08 October

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

Key Levels:

Resistance levels: $5758, $5826, $5900

Support levels: $5669, $5579, $5502

S&P 500 Long-term trend: Bullish

The S&P 500 Index’s daily chart indicates an upward trend. Since August 5, acquisitions have been the index’s main catalyst. On August 13, there was one more try to go over the $5500 mark. More people opposed the proposal after it was approved. By sticking to the previously set pricing at the previously mentioned level, the vendors were able to prevent additional price rises. It was not possible to sustain the ensuing double-topped bearish reversal chart pattern. The S&P 500 is now trading at the $5758 mark, higher than it was a short while ago.

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 broken. 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 pattern. 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 $5758 due to an engulfing double top chart pattern. Bulls are presently trading higher than the $5758, the previous high.

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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