S&P500
The index bounced off the 7,500 level, so the uptrend did not break. However, the rally isn’t particularly strong, so the sustainability of further gains is also in doubt. A break below the main green uptrend line could create a shorting opportunity. A break below 7,500 could open up room for a decline and could also alter the upward structure. If, however, the rally holds, then 7,813 and the very strong resistance level at 8,125 could be the targets.
Resistance levels: 7,813; 8,125; 8,438
Support levels: 7,188; 6,875; 6,563; 6,250; 5,938.
