S&P 500 Trading Outlook: Bulls Still In Charge

Mark Newton
s&p 500 index trading chart rally higher may 22 stock market news image

S&P 500 Index Trading Outlook (3-5 Days): Bullish

Thursday’s weakness should be buyable as it didn’t do much damage,.

Bulls remain in control, barring a move down under 2922 near Wednesday’s lows (2908 on futures).

Over 2980 should lead to 3000 and 3020-30 definitely is possible before next peak.

Key points:

1) This remains a bear market bounce, NOT the start of a new bull market

2) Any stalling out in early/mid-May that backtracks likely will NOT reach new lows right away given the extent of our rally.

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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.

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