Categories: Technical analysis

S&P 500 Wave Analysis 29 February 2024

– S&P 500 reversed from key support level 5050.00

– Likely to rise to resistance level 5115.00

S&P 500 index recently reversed up from the key support level 5050.00 (former resistance from the start of February, which stopped the previous waves v and i).

The upward reversal from the support level 5050.00 continues the active impulse waves iii and 5 of the extended upward impulse sequence (C) from last October.

Given the clear daily uptrend, S&P 500 index can be expected to rise further toward the next resistance level 5115.00.

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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The FxPro Tech Analysis Team
Tags: spx

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