S&P 500 Price: Sellers May Defend $5200 Resistance Level

S&P 500 may pull back at $5200 level

S&P 500 Price Analysis – 19 March

If the $5108 level holds, the S&P 500 can go fast into the resistance levels of $5200, $5266, and $5300. A purchase is indicated by the QQE MOD histogram as well as the Hull Suite signal. Spending more than $5200 in total is feasible

Key Levels:

Resistance levels: $5200, $5266, $5300

Support levels: $5108, $5054, $4966

S&P 500 Long-term trend: Bullish

The S&P 500 Index is rising, according to the daily chart. Sellers forced the price down to the $4095 support level on October 27. A bullish engulfing candle signaled the start of the bullish trend. The S&P 500’s market values are higher than the $4800–$4966 range. After then, it starts to ascend northward. The pattern of the “W” chart indicated a bullish reversal close to the $4800 barrier level. The desire to purchase caused the price to approach and surpass $4966 on February 7. Currently, purchasers were able to cling onto the recently constructed support level near the $5200 barrier level, where the S&P 500 is attempting to surge to all-time highs.

If the $5108 level holds, the S&P 500 can go fast into the resistance levels of $5200, $5266, and $5300. A purchase is indicated by the QQE MOD histogram as well as the Hull Suite forex signals indicator. Spending more than $5200 in total is feasible.

S&P 500 Medium-term Trend: Bullish

The four-hour chart of the S&P 500 shows encouraging signals. Price is rising above the $5108 resistance level due to the bulls’ strong momentum above the $5053 support level. The bulls have clung to the previously set level as the price has increased. Yesterday’s bullish engulfing candle increases the likelihood of reaching the $5200 price goal.