S&P 500 Wave Analysis 15 February 2024

– S&P 500 reversed from support level 4930.00

– Likely to rise to resistance level 5050.00

S&P 500 index recently reversed up from the support level 4930.00 (former support from the end of January), intersecting with the 20-day moving average and the support trendline of the daily up channel from November.

The upward reversal from the support level 1.3530 stopped the previous minor correction (ii).

Given the clear daily uptrend, S&P 500 index can be expected to rise further to the next resistance level 5050.00.