S&P 500 Wave Analysis 3 September 2024

– S&P 500 reversed from resistance level 5670.00

– Likely to fall to support level 5550.00

S&P 500 index recently reversed down from the powerful resistance level 5670.00 (which stopped the previous impulse wave 1 in the middle of July) standing near the upper daily Bollinger Band.

The downward reversal from the support level 5670.0 stopped the previous impulse waves iii, 3, and (3).

Given the strength of the resistance level 5670.00, S&P 500 index can be expected to fall further to the next support level 5550.00, low of the previous correction ii.