Stocks Breaking Higher?

Daily Nikkei 225 index chart

 

The S&P 500 index extended its run-up a week ago. It is now at the medium term resistance level of around 2,800. Is this a new medium-term uptrend or still just upward correction before another medium-term leg lower? The market trades above the 61.8% Fibonacci retracement of the whole medium-term decline. There have been no confirmed negative signals so far.

Concluding, the S&P 500 index will likely open higher today. We may see an attempt at breaking above the recent trading range. However, we still can see some short-term technical overbought conditions.

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