S&P 500 Index Price Analysis
The S&P 500 Index maintained its upward trajectory last week, approaching the overhead resistance level at 5,670. The daily chart shows the 20-day exponential moving average (EMA) at 5,509 starting to rise, with the relative strength index (RSI) in the positive zone, suggesting that buyers have the upper hand. A decisive break and close above 5,670 could signal the beginning of the next leg up towards 6,000.
However, bears still have a chance to regain control. They need to pull the price back below the moving averages swiftly. If they succeed, the index could consolidate between 5,119 and 5,670 for some time, creating a period of sideways movement.
