S&P 500 Price: Will There Be a Bearish Reversal at $4476 Level?

S&P 500 price retest $4476 level

S&P 500 Price Analysis – 11 July

S&P 500 may rise above the $4476 resistance level, and further purchasing may cause the price to rise as high as $4631 and $4723. The price may revert and fall in the direction of the support levels of $4364, $4276, and $4180 if the $4476 resistance level is held

Key Levels:

Resistance levels: $4476, $4631, $4723

Support levels: $4364, $4276, $4180

S&P 500 Long-term trend: Bullish

S&P 500 is going in a positive trend on the daily chart. The support level of $3927 was broken on March 9. It was unable to reach the $3740 support level since there was little to no selling pressure. From March 16, bullish pressure increases until it reached its peak of $4476. The price increases past the dynamic resistance level. Due to strong purchasing pressure, it tested the previous level, retreated, and is currently retesting the previous level of $4476 again.

As buying pressure increases, the S&P 500 may rise above the $4476 resistance level, and further purchasing may cause the price to rise as high as $4631 and $4723. The price may revert and fall in the direction of the support levels of $4364, $4276, and $4180 if the $4476 resistance level is held. The relative strength index period 14 is at 53 and the signal line pointing upward represents a purchase signal.

S&P 500 Medium-term Trend: Bullish

The S&P 500 is moving in a positive trend on the 4-hour chart. By maintaining the $3927 barrier level, the purchasers were able to stop the price of the S&P 500 from falling much. The price started to soar as soon as it crossed the $4087 barrier level as purchasing demand increased. The psychological ceiling of $4476 was in sight as the price increased. When the buying pressure grew, the $4180 threshold level was crossed. At this time, it is trying to break through the $4476 resistance level.

Currently, the price of the 9-period and 21-period exponential moving averages are trading below the value of the S&P 500. On the Relative Strength Index period 14, at level 51, a bullish signal is discernible.

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