S&P 500 Index: Elliott Wave May Point Higher Into Next Week

s&p 500 index futures trading trend line support chart image month may year 2021

The S&P 500 looks to be making an Elliott-wave 5th wave from the low in March.

Note, this isn’t a “final” wave to the entire push up from October just yet in my view, but just a likely 5th wave from March. This means that after we rally up into 4215-4230, we’ll likely see a backing off, and then important to watch price, breadth and participation.

Small caps and Growth have both begun to show warning signs in recent days with underperformance. Technology remains a mixed picture.

Overall, above 4168 keeps trends bullish and key support for this larger uptrend lies at 4110.

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Twitter:  @MarkNewtonCMT

Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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