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The leading US index has managed to drift steadily higher. Price action closed near the previous all-time highs of 3388 at Friday’s close.
However, the doji patterns on the daily chart potentially suggest that price action might pullback. This is of course unless the index manages to breakout above the 3388 level.
To the downside, the rising trend line will be important.
If we see evidence that the S&P500 breaks this trend line, then we might expect to see a move back to the 3200 level.
There is a minor support level that might hold up near the 3275 handle ahead of the decline to 3200.
Still, the overall bias in the S&P500 index is to the upside and any declines will only see further buying opportunities.
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