– 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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