S&P500
Last week's minor fluctuation did not cause a breakaway, but it continues to warn that the danger has not passed. The main upward trend could easily be damaged by another, stronger downward wave. However, if we see another decisive upward day, the current correction phase would be broken and a new upward wave could begin. In this case, a realistic target could be the 7,188 level, or even a climb to the 7,500 zone. We will therefore have to wait for the day that marks the real beginning of the correction. If the downward movement continues, a correction could extend to at least 6,563 – this would be the closest, conservative target.
Resistance levels: 7,188; 7,500.
Support levels: 6,563; 6,250; 5,937; 5,781; 5,625.
