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).