S&P 500 Price: Will There Be a Breakout at $5000 Level?

S&P 500 will test $5000 level

S&P 500 Price Analysis – 06 February

If the $4800 level is held, the S&P 500 might move swiftly into the resistance levels of $5000, $5066, and $5500. Both the QQE MOD histogram and the Hull Suite signal suggest a purchase. The total amount spent can be more than $4800

Key Levels:

Resistance levels: $5000 $5066, $5500

Support levels: $4800, $4797, $4599

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 formed, signaling the start of the bullish trend. The S&P 500 market values are higher than $4597- $4797. After that, it starts to ascend northward. The pattern of the “W” chart indicated a bullish reversal close to the $4800 barrier level. Demand for purchases caused the price to test and break above $4800 on January 19.  The purchasers held onto the recently constructed support level, and the S&P 500 is now aiming for all-time highs at the $5000 resistance level.

 

If the $4800 level is held, the S&P 500 might move swiftly into the resistance levels of $5000, $5066, and $5500. Both the QQE MOD histogram and the Hull Suite present the best forex signals to suggest a purchase. The total amount spent can be more than $4800.

S&P 500 Medium-term Trend: Bullish

The four-hour chart of the S&P 500 shows positive signals. Price is rising above the $4800 resistance level due to the bulls’ strong momentum above the $4797 support level. The bulls have clung to the previously set level as the price has increased. Yesterday’s bullish engulfing candle suggests that the $5000 price target might be accomplished.

Compared to the S&P 500, the Hull Suite indication is less expensive. The QQE MOD indicator is above zero, indicating a buy signal.

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