• S&P 500 rising inside impulse waves 3 and (3).
• Likely to rise to resistance level 4750.00

Standard and Poor’s 500 index continues to rise inside the two upward impulse waves – 3 and (3).The price earlier broke the key resistance level 4600.00 (top of wave 1 from the end of October, as can be seen from the daily S&P 500 chart below) – which was preceded by the breakout of the major resistance level 4550.00 (top of wave (5) from the start of September).

Given the clear daily uptrend, Standard and Poor’s 500 index can be expected to rise further toward the next resistance level 4750.00 (target price for the completion of the active impulse wave (3)).