S&P 500 Wave Analysis

  • S&P 500 reversed from long-term resistance level 4600.00
  • Likely to fall to support level 4500.00

S&P 500 index under the bearish pressure after the earlier downward reversal from the long-term resistance level 4600.00, which stopped the sharp weekly uptrend in July.

The downward reversal from the resistance level 4600.00 stopped the previous minor impulse wave 3.

Given the strength of the resistance level 4600.00 and the still overbought daily Stochastic, S&P 500 index can be expected to fall further to the next round support level 4500.00.

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