S&P 500 Wave Analysis – 27 April, 2022

• S&P 500 reversed from support zone
• Likely to rise to resistance level 4250.00

S&P 500 index recently reversed up from the support area lying located between the long-term support level 4150.00 (which has been reversing the price from last June) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the earlier sharp intermediate ABC correction (2).

Given the strength of the aforementioned support zone – S&P 500 index can be expected to rise further toward the next resistance level 4250.00.