S&P 500 Index (INDEXSP: .INX) Trading Outlook (3-5 Days): Bullish
Tuesday’s upside follow-through likely leads to further gains into early next week, and any real resistance still appears 2-3 days away.
The S&P 500 managed to climb within a few points of 3000, a level which was officially exceeded in the Futures market during Wednesday’s trading.
Prices still don’t show any upside exhaustion, nor evidence that a reversal is near, based on the last few days of trading.
It looks likely that prices could still push up into next week given the bullish near-term structure and momentum.
While getting close to being overbought, this still looks premature as a reason why to sell into this move. Structurally, the S&P 500 remains in good technical shape with ongoing uptrend and pattern of higher highs and higher lows.
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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.