Categories: 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.

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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