S&P 500 Index Trading Outlook (3-5 Days): Bullish
The S&P 500 is still pushing higher without any evidence of any erosion just yet.
Price targets remain at 3027-42 by late Friday, or early next week.
The uptrend is intact, but losing momentum on this sideways stair-stepping rally.
The push higher Wednesday is part of a grinding uptrend that has not really allowed momentum to push higher.
The 240-minute price chart (4 hour bar chart above) shows momentum waning as price is rising.
The Demark count can allow for another 6 bars higher before this pattern is complete and produces exhaustion that would signal a possible peak.
I am using 2975 as a stop-out areas for longs while aiming for a push up to 3027 or a bit higher into early next week before this move exhausts itself.
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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.