• SP500 reversed from support zone
• Likely to test resistance level 4720.00
SP500 index recently reversed up from the support area located between the pivotal support level 4540.00 (former strong resistance form September, acting as the support after it as broken by the previous impulse wave (1), as can be seen from the daily SP500 chart below) and the lower daily Bollinger band. The upward reversal from this support zone stopped the previous medium-term ABC correction (2) from the end of November.
Given the strength of the aforementioned support zone and the strong daily uptrend, SP500 index can be expected to rise further toward the next resistance level 4720.00 (top of the previous waves (1) and B).