S&P 500 index Wave Analysis 3 January 2025

– S&P 500 reversed from support area

– Likely to rise to resistance level 6000.00

S&P 500 index today reversed up from the support area located between key support level 5855.00 (former resistance from October, which has been reversing the price from the start of November), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from November.

This support area was further strengthened by the support trendline of the daily up channel from September.

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