S&P 500 Wave Analysis – 16 July, 2020

• S&P 500 reversed from resistance level 3240.00

• Likely to fall to 3110.00

S&P 500 recently reversed down from the pivotal resistance level 3240.00 (former monthly low from January and top of wave (1) from the start of June).

The resistance area near the resistance level 3240.00 is strengthened by the upper daily Bollinger Band.

Given the overbought daily Stochastic indicator – S&P 500 is likely to fall further toward the next support level 3110.00 (low of the previous correction 2).