Categories: Technical analysis

S&P 500 Wave Analysis – 26 May, 2020

• S&P 500 broke resistance area

• Likely to rise to 3100.00

S&P 500 under bullish pressure after the earlier breakout of the resistance area lying between the key resistance level 2950,00 and the 61,8% Fibonacci correction of the previous sharp downward impulse (C) from the middle of February.

The breakout of this resistance area should accelerate the active multi-month upward impulse sequence (3).

S&P 500 is likely to rise further toward the next resistance level 3100.00 (top of the earlier short-term correction 2 from the start of March).

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: INX

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