Buyers Are Dominating Over Sellers

S&P 500 Price Analysis – May 31

S&P 500 may penetrate resistance level at $4169, and further increase in price may reach $4276 and $4364 resistance levels. In case the resistance level of $4169 is defended by the bears, price may face support levels at $4087, $4019 and $3927.

Key levels:

Resistance levels: $4169, $4276, $4364

Support levels: $4087, $4019, $3927

S&P 500 Long-term trend: Bullish

S&P 500 is bullish on the daily chart. There was a significant movement in the S&P 500 market last week. The Sellers’ pressure pushed the price to the support level of $3822 on May 20. The bullish pressure was triggered at $3927 level with the formation of candle pattern called pin bar. The bulls propel the price above the former resistance level of $4087. The price of S&P 500 inclines and penetrated the former resistance level of $4087 upside. Bullish momentum increases at the moment towards $4169 level.

S&P 500 is trading above the 9 periods EMA and the 21 periods EMA at distance which connote an increase in the bulls’ pressure. The relative strength index period 14 is at 53 levels with the signal lines pointing up to indicate buy signal. S&P 500 may penetrate resistance level at $4169, and further increase in price may reach $4276 and $4364 resistance levels. In case the resistance level of $4169 is defended by the bears, price may face support levels at $4087, $4019 and $3927.

S&P 500 Medium-term Trend: Bullish

S&P 500 is on the bullish trend on the 4-hour chart outlook. The bears’ pressure failed at the support level of $3832. The price breaks up the resistance levels of $4019 and $4087. Price is risen as the bulls’ pressure increases. The price bounced up when it tested the support level of $4019. Bullish movement may continue.

The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish movement. The relative strength index period 14 is at 62 levels displaying bullish signal.

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