The Thursday the CFD markets saw the S&P 500 futures rally into the US trading session, reaching towards the 2790 level. However, there is a lot of supply just above, in the form of the 2800 level. That resistance being broken to the upside would be a big sign of bullish pressure though.
The S&P 500 of course has rallied into the session on Thursday, but I see a lot of resistance at the 2800 level. That being said, if we can break above the 2800 level, the market is free to go much higher. Otherwise, I would anticipate a pullback again closer to that level, as I see a high probability of volume picking up in that area to the downside. If we do break above 2800 level, then the market is probably going to go looking towards 2025, and then eventually the 2850 level after that.
The 2770 level underneath has been supportive more than once, so I think that a pullback will probably find buyers in that area, and it could simply be the market trying to build up enough momentum to break out. It’s going to take a couple of attempts in my estimation as the 2800 level has been important on longer-term charts, but I also think it will have a lot of money flowing into the marketplace due to the fact that it would be such an obvious breakout, something that is a traitor you should love the sea. After all, you need other people to jump into this market right along with you. People are going to need a reason to lift prices after you were in the market. If we break down below the 27 seven handle, the market is likely to go down to the 2750 level.