Categories: Technical analysis

S&P 500 index Wave Analysis – 12 May 2025

S&P 500 index: ⬆️ Buy

– S&P 500 index broke resistance area

– Likely to rise to resistance level 5930.00

S&P 500 index recently broke the resistance area between the resistance levels 5800.00 (top of wave 4 from March), 5700.00 (which stopped wave 1 at the start of May) and the 61.8% Fibonacci correction of the downward impulse from February.

The breakout of this resistance area is aligned with the short-term impulse wave 3 of the intermediate impulse wave (3) from April.

S&P 500 index can be expected to rise to the next resistance level 5930.00, former support from January and February.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: S&P 500

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