S&P 500 Price: Should We Expect a Bullish Reversal at $4087 Level?
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S&P 500 Price: Should We Expect a Bullish Reversal at $4087 Level?

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Azeez Mustapha

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Buyers pressure May increase in S&P 500 market

S&P 500 Price Analysis – 31 October

If the $4180 level is maintained, S&P 500 may continue to decline toward the support levels of $4087, $3927 and $3740. Buying is indicated by the signal line’s inclining trend and the period 14 relative strength index’s 34 rating. The price may rise to $4277, the barrier level, and then continue to rise till $4340

Key Levels:

Resistance levels: $4180, $4277, $4340

Support levels: $4087, $3927, $3827

S&P 500 Long-term trend: Bearish

There is a bearish trend in the S&P 500. Sellers have been controlling the S&P market’s pricing since September 1st. The “M” chart pattern indicated a bearish reversal as the $4606 resistance level got closer. The selling pressure resulted in a test of $4180 on October 3.  When the support threshold of $4277 was exceeded. Price pullback to the $4436 level occurred as a result of buyers defending the $4180 support level. The bears are currently in control of the market, pushed the price to test the support level $4087 and it is currently pulling back.

 If the $4180 level is maintained, S&p 500 may continue to decline toward the support levels of $4087, $3927, and $3740. Buying is indicated by the signal line’s inclining trend and the period 14 relative strength index’s 34 rating. The price may rise to $4277, the barrier level, and then continue to rise to $4340.

S&P 500 Medium-term Trend: Bearish

The S&P 500 shows bearish trends on the 4-hour chart. The double top pattern on the chart that developed around the $4529 resistance level caused the price to go below the $4180 support level. A pullback of the price occurred as bulls held the $4087 level. A bullish engulfing candle appeared yesterday, and the price is currently pulling back toward $4180.

The price of the S&P 500 is now crossing 9- periods EMA while 21- periods EMA is above the price. At level 41, the Relative Strength Index period 14 shows a positive signal.

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