S&P 500 Wave Analysis

    S&P 500 broke key resistance level 5500.00

  • Likely to rise to resistance level 5700.00

S&P 500 Index is under the bullish pressure after the price broke above the key resistance level 5500.00, which stopped the previous waves i and b at the end of June.

The breakout of the resistance level 5500.00 continues the active multi-impulse sequence made of the different-dimension nested impulse waves – iii, 3 and (3).

Given the clear daily uptrend, S&P 500 Index can be expected to rise further to the next resistance level 5700.00 (target price for the completion of the active impulse wave 3).

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading