S&P 500 Price Struggling to Break Up $5877 Level

Buyers’ momentum is flunctuating

S&P 500 Price Analysis – 29 October

The S&P 500 may increase and split into the resistance levels of $5877, $5900, and $59200 if the $5758 level holds. If the $5758 support level is breached, the price can test the $5669 and $5579 levels.

Key Levels:

Resistance levels: $5877, $5900, 59200

Support levels: $5758, $5669, $5579

S&P 500 Long-term trend: Bullish

The daily chart of the S&P 500 Index shows an upward trend. Acquisitions have been the index’s primary driver since August 5. Another attempt to hit the $5758 milestone was made on October 9. Once the idea was accepted, more people rejected it. The vendors were able to avoid further price increases by maintaining the previously established pricing at the previously stated level. The resulting double-topped bearish reversal chart pattern was unsustainable. The S&P 500 is now trading higher than it was just a short while ago at $5877.

The S&P 500 may increase and split into the resistance levels of $5877, $5900, and $59200 if the $5758 level holds. If the $5758 support level is breached, the price can test the $5669 and $5579 levels. The QQE MOD histogram and the Hull Suite crypto signals both point to a buy. Perhaps it will continue along the same path.

S&P 500 Medium-term Trend: Bullish

The S&P 500’s 4-hour chart displays an inclination pattern. The price was unable to breach below the $5659 barrier level due to the bulls’ intense activity throughout the previous two weeks. The bulls have maintained the previously set level while the price has been climbing. An engulfing double top chart pattern caused the price to bounce off $5758 last week. Bulls are currently trading above the $5758 prior high.

The S&P 500 is more expensive than the Hull Suite indication. A strong buy signal is indicated by the QQE MOD indicator rising above zero.

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