S&P 500 Price: Will There Be a Breakout at $6906

S&P 500 under bulls’ pressure

S&P 500 Price Analysis – 20 January

The S&P 500 may hit the resistance levels of $6906, $6950, and $7020. This prediction is predicated on the $6757 level holding steady. The price may move toward the $6589 and $6473 levels if it drops below the $6757 support level.

Key Levels:

Resistance levels: $6906, $6950, $7020

Support levels: $6757, $6589, $6473

S&P 500 Long-term trend: Bullish

The S&P 500 Index is currently trending upward on its daily chart. Over the last three months, the market has been dominated by bullish conditions. Since February 19, the index has been primarily driven by a series of increases in price. On September 6, there was another effort to hit the $6757 mark, and this time it was successful. In order to stop further upward movement, the price was able to momentarily settle at the starting level. The double-top bearish reversal pattern may not hold at $6950. The S&P 500 has increased from $6155 to the crucial resistance level of $6906. The price is still heading in the direction of its prior peak, though.

The S&P 500 may hit the resistance levels of $6906, $6950, and $7020. This prediction is predicated on the $6757 level holding steady. The price may move toward the $6589 and $6473 levels if it drops below the $6757 support level. The QQE MOD histogram and the Hull Suite cryptocurrency signals both point to possible purchasing opportunities. The mood of the market as a whole may improve.

S&P 500 Medium-term Trend: Bullish

The S&P 500’s 4-hour chart displays a rising trend. Strong bullish support has prevented the price from rising over the $6906 mark over the past week. The bulls have maintained their positions despite a consistent increase. However, because of an engulfing candlestick pattern, the price is currently heading swiftly towards the $6906 mark. Since the S&P 500 rebounded from the $6757 mark, its value has been rising.

The Hull Suite is currently less expensive than the S&P 500. When the QQE MOD index rises above zero, a strong purchasing signal is produced.

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