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).
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
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Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
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Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
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