After making significant gains, the S&P500 falls short of rising above the resistance line at 4711 points, which approves that this is an important mark. We expect the course to extend gains into the white area. However, an alternative drop ist possible, too. Here, the index would be in a bigger correction until the blue area is reached.
Exciting times!
It IS rocket science when we are analyzing the S&P500 and where it is about to go, because this thing is literally a rocket! We expect it to rise to areas above 4549 points. After a small correction, we expect it to extend new all-time highs above 4620 points.
Happy weekend!
The index may want to touch the Fibonacci 1 channel again if it can break the burgundy resistance with its horizontal resistance. In this case, too, the target will be 3400 levels.
However, this could also be the endpoints for the rise. Prices may come in contact with the Fibonacci channel 0.726, seeking to realize the rising profits after COVID-19.
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