Categories: Technical analysis

S&P 500 Wave Analysis – 14 February 2023

 

• S&P 500 reversed from support level 4080.00

• Likely to rise to resistance level 4200.00

S&P 500 index recently reversed up from the support level 4080.00 (former resistance from the end of January), standing near the 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from January.

The upward reversal from the support level 4080.00 created the daily Japanese candlesticks reversal pattern Morning Star – which ended earlier wave a.

S&P 500 index can be expected to rise further toward the next resistance level 4200.00 (which stopped the previous impulse wave 3).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: spx

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