The two critical supports now stand at previous highs and lows in the 31,270 USD and afterward at around 30,850 USD, where the 50-day moving average is located.
As long as the index trades above these two levels, the medium-term outlook remains bullish, and dips are expected to be bought.
However, the short-term view is a bit risky as US yields are still under pressure, with the 10-year yield rising toward 1.5% again today. Unless yields stabilize and start declining, equities could be vulnerable.
Moreover, China has warned that it sees bubbles in the US markets, which could be another warning sign for relentless bulls.
On the upside, the next targets could be at 31,600 USD and afterward at last week's highs of 32,000 USD.