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Cryptocurrency News Articles
S&P 500 Price Analysis: Bulls and Bears Battle it Out below the 22-SMA
Nov 15, 2024 at 09:01 pm
However, bulls recently broke out of this range to make a new high at 6050.88. If the bullish trend is shallow, the price might drop to retest the
The price recently dropped sharply from the 6050.88 level after bulls failed to push it higher. If the bearish trend continues, the S&P 500 price will fall further to retest the 5900.12 support, which recently acted as resistance.
On the other hand, the price trades above the 22-SMA, while the RSI is in bullish territory. If bulls are ready to take charge, the S&P 500 price will continue climbing after breaking above 6050.88. A bullish continuation is favored as long as the price remains above 5745.91.
Key Support Levels
Support 1: 5900.12
Support 2: 5745.91
Key Resistance Levels
Resistance 1: 6050.88
Final Thoughts
Market participants are still digesting the recent US inflation report, which showed a smaller-than-expected increase. At the same time, traders continue to monitor the price of gold, which recently hit a new all-time high. If gold continues rising, it could put pressure on the US Dollar Index (DXY) to resume its bearish trend.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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