4000 or 4300? SP500's Next Level
The Spoo ended the day trading near ~4100 giving the bulls some pause, but this is healthy in the long run. Looking back to the beginning of February, we saw a nice breakout of a year long downtrend at the ~4050 price, shifting the momentum for trend followers to the long side. Tomorrow will be extremely important, as 4100 is previous resistance (Dec 1). Will 4100 become new support, as it was old resistance? My guess is that we will see 4000 before we continue higher, (markets love round numbers) which would be a healthy retest of that downtrend line that we broke out of. Happy Trading!
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