SP500 pushing toward record highs

09/06/2021

The SP500 index was up 0.15% ahead of the US session on Wednesday and was only inches away from the all-time highs set last month.

The resistance now stands at May's high of 4,245 USD, and if the price jumps above, further gains seem likely. The medium-term target will then be set at 4,500 USD. 

The index needs to climb above yesterday's highs of 4,235 USD from the intraday perspective to confirm the short-term bullish momentum.

Alternatively, the support seems to be at the 8-day EMA near 4,215 USD and afterward and the short-term steep bullish trend line, currently at 4,205 USD.

If the index drops below 4,200 USD, the short-term trend could change to bearish. 

However, the long-term uptrend remains intact amid massive stimulus and soaring inflation.
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