S&P 500 Wave Analysis

• S&P 500 reversed from support level 4400.00
• Likely to rise to resistance level 4500.00

S&P 500 index recently reversed up from the support level 4400.00 (the former monthly low from March) intersecting with the 61.8% Fibonacci correction of the upward impulse (1) from January.

The upward reversal from the support level 4400.00 created the daily Morning Star – which stopped the previous correction (2).

S&P 500 index can be expected to rise further toward the next resistance level 4500.00 (former low of wave A).