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S&P500: Breakout above 1500 reinforces the bullish trend

The S&P 500 index continues its grind higher on Monday morning with the much awaited breakout above 1500 establishing the upwards trend in the market. A daily close above this very significant level would open the door to new highs, but there is the possibility of some profit taking, especially if bad news during the rest of the earnings season hit the market. Major support levels on the downside are seen at 1483 and 1470. Unless the market breaks below the key support level at 1440, it remains well supported and pullbacks can offer a good buying opportunity. Onto the main topics of today, a quiet day on the European economic data front keeps the focus on US event risks with the US Pending Home Sales the most notable.

Dafni Serdari
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