Technical analysis

S&P 500 Wave Analysis – 2 July, 20211

• S&P 500 broke key resistance level 4260

• Likely to rise to resistance level 4400.00

S&P 500 index continues to rise after the earlier breakout of the key resistance level 4260 (which stopped wave (i) in the middle of June).

The breakout of the resistance level 4260.00 accelerated the active minor impulse wave (iii) – which belongs to the higher-order impulse waves 3 and (5).

S&P 500 can be expected to rise further toward the next resistance level 4400.00. Strong support now stands at the support level 4260.

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