Technical analysis

S&P 500 Wave Analysis 2 February 2024

– S&P 500 broke key resistance level 4930.00

– Likely to rise to resistance level 5000.00

S&P 500 index rising inside the minor impulse wave 3 which previously broke above the key resistance level 4930.00 (which stopped the previous minor impulse wave i at the end of last month).

The breakout of the resistance level 4930.00 accelerated the active impulse waves 3 and (C).

Given the persistent daily uptrend, S&P 500 index can be expected to rise further to the next round resistance level 5000.00.

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