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.