S&P 500 Wave Analysis 4 October 2024

– S&P 500 reversed from support level 5680.00

– Likely to rise to resistance level 5780.00

S&P 500 index recently reversed up from the pivotal support level 5680.00 (a former multi-month high from July, acting as the support after it was broken last month).

The upward reversal from the support level 5680.00 will likely form the daily Japanese candlesticks reversal pattern Bullish Engulfing – if the index closes today near the current levels.

Given the clear daily uptrend, S&P 500 index can be expected to rise further to the next resistance level 5780.00 (top of the impulse wave 1 from last month).