Categories: Technical analysis

S&P 500 Wave Analysis – 20 April, 2022

• S&P 500 reversed from support level 4400.00
• Likely to rise to resistance level 4500.00

S&P 500 index recently reversed up from the support level 4400.00 (the former monthly low from March) intersecting with the 61.8% Fibonacci correction of the upward impulse (1) from January.

The upward reversal from the support level 4400.00 created the daily Morning Star – which stopped the previous correction (2).

S&P 500 index can be expected to rise further toward the next resistance level 4500.00 (former low of wave A).

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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The FxPro Tech Analysis Team
Tags: S&P 500

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