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S&P500 Maintaining Its Bull Momentum

S&P500 maintaining its bull momentum

The Chart below on a 1 day time-frame shows the Index S&P 500 price trading above the moving averages and approaching the resistance zone which is at $2914.41 (colored in red). The strong upward trend in the chart evidently shows that the Index S&P500 is maintaining its bull momentum. The upward trend had begun around the support zone (colored in green) which is priced at $2,801.66

The Balance of Power chart shows that the bulls have been consistently in control and are sustaining an upward trend where the bulls hold dominance. These indications in the chart below indicate that the Index is highly likely to continue to rise and exceed its resistance zone (colored in red).

Major support: 2,801.66
Major resistance: 2,914.41

NASDAQ- upward channel still commands

The chart below on a 1 day time-frame shows the Index NASDAQ trading above all moving averages. Moreover, the price is increasing in an upward channel which is ongoing and is highly likely to continue and surpass the resistance zone (colored in red) which is priced at $7655.15. The chart below shows that the 50-day moving average (colored in green) is coming close to the price and is showing to be the most reactive moving average within the chart.

The Balance of Power chart below a consistent increase in price where the bulls are in full control and domination of the price. The Index is being driven high which may continue to grow. There are no signs of a bearish sentiment at present.

Major support: 7,141.05
Major resistance: 7,655.15

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