The S&P500 bounced on its orange fresh uptrend, rallying and canceling any eventual bearish trend suggested by last week's patterns.
If the benchmark re-tests its Orange resistance, it would form a downward flag with 1869 as a primary objective, if breached. The flag is formed by both the blue trend line and the Orange one. Forcing through the 1975 resistance level will give hope in a further rally towards the 2000s, with 1994 as a primary objective.
The benchmark's daily Pivot Point is around 1955.71. Its daily support levels are around 1941 and 1912.59.
If the benchmark re-tests its Orange resistance, it would form a downward flag with 1869 as a primary objective, if breached. The flag is formed by both the blue trend line and the Orange one. Forcing through the 1975 resistance level will give hope in a further rally towards the 2000s, with 1994 as a primary objective.
The benchmark's daily Pivot Point is around 1955.71. Its daily support levels are around 1941 and 1912.59.
