But technically we see the price if facing strong levels of resistance, is extremely overbought and needs some correction before continuing the .
Here is my long term SPX500 analisis
Looking at this DXY chart, the price is near a strong resistance where the 0.61 fib level is the star. We have also the very strong psycholevel 100 near.
A could be also at play.
I expect some correction at least to the 0.2360 fib retracement. Its interesting to see that the target fib levels coincides with important levels of S/R
Off course the scenario 2 is also possible: price breaks and close clearly above the 100 level, makes a pullback and continues the ignoring all the technicals.
This is not a trade, watch closely the DXY because this affects all the markets, especially the positive related pairs ( USDCAD , USDJPY , etc) and negative related pairs ( EURUSD , EURGBP )