As Article from 20.05 mentioned, the S&P was facing a decision.
It turns out that the index has taken air after all
and thus a positive investor sentiment can be observed again.
In the meantime, the downward trend has also been broken to the upside.
A cup-and-handle chart formation has formed, which gives hope for a further positive development.
Pre-market, the S&P 500 is currently at about 4064.55 points.
This is a gain of around +0.2% compared with the closing price on Thursday.
Should the index receive upward pressure after the opening, price targets in the 4100 area cannot be ruled out.
It will be seen if we close with a new weekly high.
The inflation data (Core PCE numbers) at 14:30, will be a determining factor for this.
However, if sentiment is negative, the S&P could fall below the 4000 mark again.