Technical analysis

S&P 500 Wave Analysis – 18 July 2023


– S&P 500 broke resistance level 4500.00

– Likely to rise to resistance level 4600.00

S&P 500 index under the bullish pressure after the price broke above the key resistance level 4500.00.

The breakout of the resistance level 4500.00 accelerated the active impulse wave iii of the impulse wave 5 of the intermediate impulse sequence C from the start of March.

Given the prevailing uptrend, S&P 500 index can be expected to rise further toward the next resistance level 4600.00 (target price for the completion of the active impulse wave iii).

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