Bulls are gaining more pressure
S&P 500 Price Analysis – 22 October
If the $5758 level holds, the S&P 500 can rise and split into the resistance levels of $5877, $5900, and $59200. The price may test the $5669 and $5579 levels if the $5758 support level is broken.
Key Levels:
Resistance levels: $5877, $5900, 59200
Support levels: $5758, $5669, $5579
S&P 500 Long-term trend: Bullish
The S&P 500 Index’s daily chart indicates an increasing trend. Since August 5, acquisitions have been the index’s main driver. On October 9, there was another effort to reach the $5758 mark. More people rejected the concept when it was approved. By keeping the already set pricing at the previously mentioned level, the vendors were able to prevent additional price rises. It was not possible to sustain the double-topped bearish reversal chart pattern that resulted. At $5877, the S&P 500 is currently trading higher than it was a short while ago.
If the $5758 level holds, the S&P 500 can rise and split into the resistance levels of $5877, $5900, and $59200. The price may test the $5669 and $5579 levels if the $5758 support level is broken. Both the Hull Suite crypto signals and the QQE MOD histogram indicate a buy. Maybe it will keep going in the same direction.
S&P 500 Medium-term Trend: Bullish
The 4-hour chart of the S&P 500 shows an inclination pattern. Because of the bulls’ strong activity over the past two weeks, the price was unable to break below the $5659 barrier level. As the price has been rising, the bulls have held the level that was previously established. Last week, the price bounced off $5758 due to an engulfing double top chart pattern. At the moment, bulls are trading above the previous high of $5758.
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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