Since its high at around 4195 points, the Standard & Poor’s 500 Index has fallen by almost 3.2% at times. After the correction, in which the S&P 500 fell to 4063 points, the index recovered to 4124 points by yesterday. Today it corrected lower, falling 0.6% since the stock market opened at 15:30 CET.
Currently, the share price is in a sideways movement, which has lasted for about 2 weeks. Due to the previous upward movement, it can be interpreted as a bull flag and could forecast further rises. As long as the price does not correct below 4000 points, a further upward movement therefore remains very likely. On the upside, the 4200-point level at the last high forms resistance. Should the price overcome this, we could see quotes in the direction of 4300 points.
An intraday correction with a negative daily close could retest the 4060-point support. If the test is successful, this could then form a starting point for new rises later on. Otherwise, descents towards 4000 points could follow.
