SPX: S&P 500 Index Minimum Upside Target at 2794
S&P 500 Index Update Minimum Upside Target 2794
The next long signal here was the break above the key
2675-2673 line which ideally needed to be followed
by a successful retest from above after the break
occurred. We got that yesterday/overnight. Today's
strength in AlphaBet as much as anything has
helped the S&P gap up on the open and since then
it's never looked back. It should rally to 2711 here
and then start to consolidate gains before rallying
further to 2740. Then after another period of
consolidation it should go on to hit the 2800-2810
range before falling away back to 2740 once more.
Major resistance at 2675-3 has with one bound
become major support. Whilst above here the trend
is back to positive after a thorough but successful test.
There is also a clear reverse head and shoulders within the
triangle formation for those who like pattern spotting with
a minimum upside target at 2794.
The next long signal here was the break above the key
2675-2673 line which ideally needed to be followed
by a successful retest from above after the break
occurred. We got that yesterday/overnight. Today's
strength in AlphaBet as much as anything has
helped the S&P gap up on the open and since then
it's never looked back. It should rally to 2711 here
and then start to consolidate gains before rallying
further to 2740. Then after another period of
consolidation it should go on to hit the 2800-2810
range before falling away back to 2740 once more.
Major resistance at 2675-3 has with one bound
become major support. Whilst above here the trend
is back to positive after a thorough but successful test.
There is also a clear reverse head and shoulders within the
triangle formation for those who like pattern spotting with
a minimum upside target at 2794.
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