SP500 index stuck at previous highs, again


The SP500 index was 0.3% higher during the London session on Monday and was seen trading near 2,970 USD, where the key resistance zone is located. 

However, judging from the recent price action, the uptrend should still be intact, as each dip is aggressively bought. Today is the Memorial Day holiday in the US. Thus cash indices will be closed, and only futures will be traded. It is a perfect opportunity to push the index above the critical resistance of 2,980 USD.

These breaks of significant levels usually happen when liquidity is low, as many investors who are short in this case will be forced to cover in losses on Tuesday. Let's see if we will see a breakout today. 

If the 2,975 USD resistance is broken to the upside, we could see a quick run-up toward the psychological level of 3,000 USD.

Alternatively, if this view is wrong and bears will be stronger today, the supports are seen at around 2,960 USD and afterward near 2,920 USD.
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