Technical analysis

S&P 500 Wave Analysis 10 July 2024

– S&P 500 broke key resistance level 5500.00

– Likely to rise to resistance level 5700.00

S&P 500 Index is under the bullish pressure after the price broke above the key resistance level 5500.00, which stopped the previous waves i and b at the end of June.

The breakout of the resistance level 5500.00 continues the active multi-impulse sequence made of the different-dimension nested impulse waves – iii, 3 and (3).

Given the clear daily uptrend, S&P 500 Index can be expected to rise further to the next resistance level 5700.00 (target price for the completion of the active impulse wave 3).

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