Upbeat moods prevail in the US stock market. The lack of specific announcements regarding the start of the tapering timeline from Jerome Powell supports the upward move on the major US stock indices. Let's take a look at the technical situation on the US500.
Looking at the D1 interval, one can see that the index hit a new all-time high. The upward move started on Friday, when buyers managed to break above the resistance zone at 4470 points. If the current sentiment prevails, the next target for bulls is located around 4552 pts level, which is marked with the upper limit of the ascending channel and 161.8%Fibonacci retracement of the last downward correction. On the other hand, if sellers manage to regain control, then the aforementioned zone at 4470 points should act as nearest support. In addition, it is worth paying attention to the fractal nature of the last upward wave, where 4 corrections were of exactly the same range. Therefore as long as the 1: 1 structure (red rectangle) is not negated, uptrend remains intact.
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US500 interval D1. Source: xStation5
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