Categories: Technical analysis

S&P 500 index Wave Analysis 15 August 2024

– S&P 500 index rising inside impulse wave 3

– Likely to test resistance level 5570.00

S&P 500 index recently continues to rise inside the impulse wave 3 which previously broke the resistance area located between the strong resistance level 5400.00 (former strong support from the end of July) and the 50% Fibonacci correction of the downward ABC correction 2 from last month.

The active short-term impulse wave 3 is a part of the longer-term upward impulse sequence (3) from the middle of April.

Given clear daily uptrend, S&P 500 index can be expected to rise further toward the next resistance level 5570.00 (top of wave (b) from the end of July).

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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