S&P 500 index Wave Analysis 19 November 2024

– S&P 500 index reversed from support zone

– Likely to rise to resistance level 6000.00

S&P 500 index recently reversed up from the pivotal support level 5850.00 (former multi-day resistance from October).

The support level 5850.00 was further strengthened by the lower daily Bollinger Band, support trendline from August and the 50% Fibonacci correction of the upward impulse from the start of November.

Given the clear daily uptrend, S&P 500 index can be expected to rise to the next round resistance level 6000.00.