HY MARKETS News: Index Report: S&P 500

S&P 500 recently reached the buy target 1920.00 that was set in our earlier report for this index. The price previously reversed sharply up from the combined support zone lying between the support trendline from February, the lower daily Bollinger Band, 38.2% Fibonacci Correction of the preceding minor impulse 1 and the support level 1860.00.

The upward impulse from this support zone broke the round resistance level 1900.00 – running parallel to the upper resistance trendline of the daily Ascending Triangle from April.S&P 500 is expected to rise to the next buy target at 1940.00.