Categories: Technical analysis

S&P 500 Wave Analysis 5 November 2024

– S&P 500 reversed from support area

– Likely to rise to resistance level 5850.00

S&P 500 index earlier reversed up from the support area located between the key support level 5695.00 (which reversed the index for 7 consecutive days at the start of October) and the lower daily Bollinger Band.

This support area was further strengthened by the 38.2% Fibonacci correction of the sharp upward impulse from the start of September.

Given the clear daily uptrend, S&P 500 index can be expected to rise further to the next resistance level 5850.00 (former minor resistance from the end of October).

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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Tags: spx

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