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The S&P500 ticked off a choppy trading week, barely managing to close in the green at 3222.8.

This marks the third consecutive weekly gain in the index. Price action is now near the previous highs from early June and is trading near the resistance area of 3200.

A daily close above this level will confirm further upside. The S&P500 index might even target the previous all-time highs, just under the 3400 handle.

For the moment, there is a good chance that prices might pullback. But the pullback could be confined to the minor support area near 3127.

This will potentially build the case for a breakout above the 3200 handle.

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