The S&P500 registers a fresh yearly high (4932) and the index may continue to push higher as the Relative Strength Index (RSI) holds above 70.
S&P500 Index Outlook
The overbought reading in the RSI may accompany a further advance in the S&P500 to mirror the price action from December, with the 4950 (161.8% Fibonacci extension) to 4980 (78.6% Fibonacci extension) region on the radar.
The S&P500 may track the positive slope in the 50-Day SMA (4709) as long as it holds above the moving average, but failure to extend the recent series of higher highs and lows may pull the RSI back from overbought territory.
A break/close below below the 4793 (61.8% Fibonacci extension) to 4817 (January 2022 high) region raises the scope for a move towards the monthly low (4662), with a move below the 4637 (March 2022 high) to 4661 (50% Fibonacci extension) area opening up the December low (4543).
S&P500 Index Outlook
The overbought reading in the RSI may accompany a further advance in the S&P500 to mirror the price action from December, with the 4950 (161.8% Fibonacci extension) to 4980 (78.6% Fibonacci extension) region on the radar.
The S&P500 may track the positive slope in the 50-Day SMA (4709) as long as it holds above the moving average, but failure to extend the recent series of higher highs and lows may pull the RSI back from overbought territory.
A break/close below below the 4793 (61.8% Fibonacci extension) to 4817 (January 2022 high) region raises the scope for a move towards the monthly low (4662), with a move below the 4637 (March 2022 high) to 4661 (50% Fibonacci extension) area opening up the December low (4543).