The S&P index has moved to the highest level since June 9. The price high took out the high from last Friday at 4012.44. The high price just reached 4018.65. The price has since rotated to 4008.48 currently.
Technically, the 38.2% retracement of the move down from the swing high on March 29 comes in at 4019.03. The high price stalled just ahead of that so far. There is also a gap going back to June 9 near that level.
A break above the cluster of resistance near 4019 and stay above would increase the bullish bias. Stay below and the correction is just a plain-vanilla of a trend move to the downside. Key test.
On the topside, the 100 day moving averages currently at 4125.19. That would be the next major target on the topside.
/ Inflation
This article was originally published by Forexlive.com. Read the original article here.