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The S&P500 index made some major gains last week. But prices stalled near the previous highs at 3160, marking a resistance level as a result.

Friday’s price action closed into an inside bar indicating a near term breakout. The bias is to the downside, as we expect the S&P500 index to make a pullback ahead of further gains.

The breakout from the rising median line suggests that the index might decline lower.

Support is seen at the 3058 level which also marks the breakout from the descending wedge pattern.

Alternatively, if the index manages to close above 3160, then we expect to see the rally continue toward the 3200 level next.

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