SP500 rallies above previous highs


The SP500 index, along with other indices, rallied sharply during the Asian session and it was trading 1.5% stronger ahead of the US opening bell. 

At the last check, the index was hovering at around 3,180 USD, above the strong resistance zone of 3,160 USD.

As long as the index remains above this level, the medium and short-term outlooks seem bullish. However, the US session is very often bearish, and the bullish gap tends to get sold, with this scenario most likely occurring today as well. 

If the price drops below 3,160 USD, the short-term outlook could change back to bearish, targeting 3,140 USD.

Alternatively, another strong resistance is probably at previous lows of 3,190 USD, and if the index jumps above this level, a retest of June's lows near 3,230 USD seems likely. 
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