S&P 500: ⬆️ Buy
– S&P 500 reversed from support level 7540.00
– Likely to rise to resistance level 7830.00
S&P 500 recently reversed up from the support zone between the support level 7540.00 (which stopped wave 2 in the middle of September), the lower border of the sideways price range from August and the 50% Fibonacci correction of the upward impulse i from the end of July.
The upward reversal from this support zone completed the ABC correction ii from the start of October.
Given the strength of the support level 7540.00 and the predominant daily uptrend, S&P 500 can be expected to rise further toward the next resistance level 7830.00 – upper border of the active sideways price range.