The S&P 500 Index grinds higher, posting a new record high at 2120.92 on Friday (April 24, 2015), up 218% from its March 6, 2009 low at 666.79. The 74-month rising wedge support (from the March 2009 low) continues to underpin the uptrend. While the 2048.38 support (April 1, 2015 low) near the rising wedge trendline holds dips, there is scope for further strength towards the Fibonacci target at 2121.43. Above there lie the Fibonacci targets at 2203.76, then 2305.64.
However, on the downside, if Bears manage to break below the 2048.38 area, it is likely to see retests of 1980.90 (February 2, 2015 range low) ahead of 1821.61 (October 15, 2014 spike low).
Outlook:
Short term: buy on pullbacks
Long term: bullish
However, on the downside, if Bears manage to break below the 2048.38 area, it is likely to see retests of 1980.90 (February 2, 2015 range low) ahead of 1821.61 (October 15, 2014 spike low).
Outlook:
Short term: buy on pullbacks
Long term: bullish