S&P 500 index recently broke above the key resistance level 5200.00, which stopped the earlier minor impulse wave (i),
– S&P 500 index broke key resistance level 5200.00
– Likely to rise to resistance level 5400.00
S&P 500 index recently broke above the key resistance level 5200.00, which stopped the earlier minor impulse wave (i), as can be seen from the daily S&P 500 index chart below. The breakout of the resistance level 5200.00 strengthened the bullish pressure on this index, accelerating the active impulse waves 5 and iii – both of which belong to the extended upward impulse sequence C from the start of October.
Given the clear uptrend that can be seen on the daily and the weekly S&P 500 charts, S&P 500 index can be expected to rise further toward the next resistance level 5400.00 (which is the target for the completion of the active short-term impulse wave 5, coinciding with the daily up channel from last December).
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
