S&P500
The rally remains unbroken for now; a near-term peak could be inferred from the fact that momentum is beginning to wear off. Faint signs of this are already visible, but the rally could continue for a few more days. The pattern of rising lows and highs has not yet changed either. Since the price has not closed below 7,031 in recent days—an important natural pivot level—it would need to break below this level for a reversal pattern to form. On the upside, strong resistance could be found around 7,188 and 7,500. There is a very strong support zone around the midpoint of the 6,563–6,875 range (6,718), at the top of the larger open gap.
Resistance levels: 7,188; 7,500.
Support levels: 6,875; 6,563; 6,250; 5,937; 5,781; 5,625.
