The index aggressively crossed the 1W Channel Up to the downside last week ( RSI
= 36.642, MACD
= -236.100, Highs/Lows = -527.9643, B/BP = -1241.7760) presenting the first such correction on S&P
since March. I has however found support near the 0.618 Fibonacci retracement
level on 1M (monthly). Also the Monthly Higher Low supporting line is just below, indicating that a strong support base and buying demand zone
is present on a monthly basis ( RSI
= 45.274, MACD
= 241.800). Our target in one month's time approximately is 2,878.00 with 2,807.75 the intermediate TP.