S&P 500: ⬆️ Buy
– S&P 500 reversed from support level 7200.00
– Likely to rise to resistance level 7400.00
S&P 500 index recently reversed up from the support level 7200.00 (former resistance from the end of April, acting as the support after it was broken earlier).
The support zone near the support level 7200.00 was strengthened by the 20-day moving average and by the support trendline of the daily up channel from March.
Given the strong daily uptrend, S&P 500 index can be expected to rise to the next resistance level 7400.00. (target price for the completion of the active impulse wave (5)).