S&P 500 Wave Analysis – 16 September, 2022

• S&P 500 broke key support level 3900.00

• Likely to fall to support level 3800.00

S&P 500 index recently broke the key support level 3900.00 (which has been reversing the price from the end of July) intersecting with the 61.8% Fibonacci correction of the upward ABC correction from June .

The breakout of the support level 3900.00 continues the active intermediate impulse wave (3), which is aligned with the clear downtrend from last December.

Given the expectation of further rate hikes in USA, S&P 500 index can be expected to fall toward the next support level 3800.00.