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S&P 500 rebounds from support zone, eyeing 7,765 resistance

The index reversed between 7,600 and the 38.2% Fibonacci level of the July advance, and the call points to a move toward 7,765 where a prior correction stalled.

Reported · Written up by our desk · Major Pairs

S&P 500 recently reversed from a defined support zone between 7,600, which had been the prior top of a May sideways range, and the 38.2% Fibonacci correction level of the upward move from July.

According to Action Forex, the bounce was seen as stopping the c-wave of a minor ABC correction iv that began in early August, while the broader daily uptrend remains intact.

With the daily trend described as clear, Action Forex expects the index to rise toward a resistance level at 7,765.0, a point that previously halted an earlier minor correction b.

Latest closeS&P 500 7,666.60 ▲0.5%

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