This week we officially recovered all the losses from the liberation day low. We had a 20% bear market crash and since then there has been a V shaped rally in the major averages. 
QQQ and 
SPX have fully recovered the losses and then some. It is 0% form its ATH. We have been closely following the chart of SPX for the last few weeks and have marked various Fib Retracement levels and Fib Extenstion. IN my opinion the Covid lows were one of the majot drawdown moments.
If we plot the Fib Extension on the COVID highs and lows, we can clearly see the Support and Resistance zones. As per the Fib Levels the next consequential level inSPX will be 6550, which is the 3.618 Fib level. That I would suggest as the path to least resistance. First, we go higher before we can see any major correction. In case of a Major correction, we get support @ 5300.
Verdict :SPX goes higher first before correction. 6550 is the next stop.
QQQ and SPX have fully recovered the losses and then some. It is 0% form its ATH. We have been closely following the chart of SPX for the last few weeks and have marked various Fib Retracement levels and Fib Extenstion. IN my opinion the Covid lows were one of the majot drawdown moments.If we plot the Fib Extension on the COVID highs and lows, we can clearly see the Support and Resistance zones. As per the Fib Levels the next consequential level in
SPX will be 6550, which is the 3.618 Fib level. That I would suggest as the path to least resistance. First, we go higher before we can see any major correction. In case of a Major correction, we get support @ 5300. Verdict :
SPX goes higher first before correction. 6550 is the next stop.
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