Cash sessions in Europe and the United States will not be held today as Good Friday holiday is observed on both sides of the Atlantic. Trading on the US futures will finish sooner today, at 2:15 pm BST. S&P 500 (US500) broke above the 4,000 pts handle for the first time in history and the upward move is being continued today. As the index is trading in an uncharted waters, determining potential resistance level is not an easy task. Exterior Fibonacci retracements may come in handy. 127.2% retracements of two most recent downward corrections can be found at 4,023 pts and it is the first level to watch. 161.8% exterior retracements at 4,071.5 and 4,106.5 pts may act as short-term resistance levels once 4,023 pts area is cleared. On the other hand, should the index start to lose ground, the nearest important support can be found in the 3,980 pts area.
US500 at H4 interval. Source: xStation5
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