Technical analysis

S&P 500 Wave Analysis – 5 May 2023


• S&P 500 reversed from support level 4060.00

• Likely to rise to resistance level 4190.00

S&P 500 index earlier reversed up from the support level 4060.00 (which stopped the previous minor correction (b) at the end of April).

The support level 4060.00 was further strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from March.

S&P 500 index can be expected to rise further toward the next resistance level 4190.00 (which has been reversing the price from February).

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