The index pushes above the 50% fibonacci retracement level (2,787 USD), and bulls also pushed the price above previous lows of 2,815 USD and 2,855 USD. These three levels are now essential supports, and as long as the index remains above these values, short-term and medium-term outlooks seem bullish.
Bulls will be trying to retake the 200-day exponential moving average at around 2,965 USD, and considering the current steep bullish momentum, this should not be any problem.
Another significant resistance will then be at the psychological level of 3,000 USD, and if the index conquers this zone, equities will most likely attack the all-time highs soon.
As previously said, fundamentals, earnings, and economic situation are decidedly bearish, but the Fed is throwing money at the markets. Thus equities are soaring, and this is unlikely to change anytime soon.
