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S&P 500 reverses higher from the 7,290 support zone

The index is expected to test the next resistance level at 7,500.0 after rebounding from support.

Reported · Written up by our desk · Major Pairs

Action Forex says the S&P 500 has recently reversed up from a support zone around 7,290.0, with the level acting as a reference point since the start of June.

The analysis links the bounce to the index rising alongside a strong daily uptrend, while also citing a lower daily Bollinger Band and a 61.8% Fibonacci correction of the prior upward impulse from April.

Given the setup, Action Forex expects further upside toward the next resistance level at 7,500.0.

Latest closeS&P 500 7,316.15 ▼1.5%

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