S&P 500 index Wave Analysis 28 July 2023

– S&P 500 index reversed from support level 4535.00

– Likely to rise to resistance level 4600.00

S&P 500 index recently reversed up from the key support level 4535.00 (which has reversed the price multiples time earlier this month as can be seen below).

The support level 4535.00 was strengthened by the lower daily Bollinger Band, 61.8% Fibonacci correction of the upward impulse from the middle of July and the upper trendline of the daily up channel from June.

Given the clear daily uptrend, S&P 500 index can be expected to rise further toward the next resistance level 4600.00 (which stopped the previous impulse wave i).