Categories: Technical analysis

S&P 500 Wave Analysis – 16 July, 2020

• S&P 500 reversed from resistance level 3240.00

• Likely to fall to 3110.00

S&P 500 recently reversed down from the pivotal resistance level 3240.00 (former monthly low from January and top of wave (1) from the start of June).

The resistance area near the resistance level 3240.00 is strengthened by the upper daily Bollinger Band.

Given the overbought daily Stochastic indicator – S&P 500 is likely to fall further toward the next support level 3110.00 (low of the previous correction 2).

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: INX

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