E S&P 500 Can Face Limited Upside

Stocks are in an uptrend, but price action suggests that this can be the final stages of a higher degree trend and that resistance is not far away. We see E-mini S&P 500 at a new high here which can be wave five of five that already touched our Fib. projections. However, for now, we do not see any evidence of a top yet but if the market will turn lower and break below 2695 level then be aware of a much deeper pullback.

S&P 500, 1h

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