S&P 500: ⬆️ Buy
– S&P 500 reversed from key support level 7300.00
– Likely to rise to resistance level 7830.00
S&P 500 recently reversed up from the support zone between the key support level 7300.00 (lower border of the sideways price range from August, which stopped wave B in the middle of June, wave (b) at the start of July and wave ii at the end of July) and the 38.2% Fibonacci correction of the upward impulse from April.
The upward reversal from this support zone stopped the previous short-term downward impulse i from the top of the active sideways price range.
Given the strength of the support level 7300.00 and the bullish sentiment across the USA equity markets seen today, S&P 500 can be expected to rise further toward the next resistance level 7830.00 – upper border of the active sideways price range.