S&P 500 Eyes Pullback Toward 3050


SPX has made an all-time high above 3130 and is now trading just above 3100. This is the first short-term support and next support is 3050. I expect SPX to roll over toward the 3050 area where the first important test will be.

RSI is overbought and turning lower – same for the Stochastic. If price fails to hold 3100, I expect to see the pullback. At this point I do not expect a major correction or something bigger than a decline lower than 3000.

Wishing all a great trading week ahead.

Read more at : https://www.investing.com/analysis/sp-500-eyes-pullback-toward-3050-200486811