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S&P500 short-term outlook

Key points

  • S&P 500 could rise further if upswing momentum continues.
  • But odds are higher that resistance will be found followed by another sharp retracement.
  • For the primary bull market to continue, a big breakout by the index is required.

Over the last month, the S&P500 has had a sharp fall followed by a sharp rise, as have most other equity indices around the world.

Two weeks ago, I suggested that equity markets had a little further to fall [1] and that there was a high probability that this would be followed by a short sharp rise of an equivalent but inverted gradient. This is precisely what has occurred. But where, in the short-term, could the US equity markets lead the rest of the world equity exchanges from here?

S&P500 chart patterns