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S&P500: Further upside potential

The S&P500 had a strong session yesterday reaching as high as 1592, before giving back most of the gains to close at 1585, forming a shooting star on the daily chart. This pullback could be suggesting that we are likely to see some more consolidation within the 1.555 – 1.593 area, where we have been since mid-March. At 1.583 at the time of writing, the index started the day on a negative footing but the bears seem unable to collect enough momentum to drag the market lower. With the RSI well supported by a bullish trend line and with no changes in the fundamentals, it looks like there is further potential for the market to reach new highs. First target for the bulls to watch sits at 1.588. A break above that area would open the way for 1.593 and 1.598. Any pullback towards the 1.568 level could be seen as a good buying opportunity. In the alternative scenario, watch out for a break below 1.568.

Dafni Serdari
Market Analyst
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