Technical analysis
S&P 500 Wave Analysis 7 May 2024
May 07, 2024 @ 22:06 +03:00
![](https://fxpro.news/wp-content/uploads/2024/05/spx-primary-analysis-may-07-2003-pm-1-day-1024x475.png)
– S&P 500 reversed from support level 5000.00
– Likely to rise to resistance level 5300.00
S&P 500 index recently reversed up from the support zone lying between the round support level 5000.00 (which also stopped the previous correction (2)), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from January.
The upward reversal from the support level 5000.00 stopped the previous short-term correction 2.
Given the strong uptrend that can be seen on the daily charts, S&P 500 index can be expected to rise further to the next resistance level 5300.00 (which stopped the previous impulse wave 5 at the end of March).