CFDsPros S&P 500 Outlook

[CfdPros]

S&P 500 Weekend Update: Continued Push Higher


Other than Friday, the stock market had a good week continuing to push above
the 1150 mark and closing out the week at 1159.90. Support now comes in at
1150, along with initial trendline support at 1140 and further support at
1125. A drop back into this area would warrant concern and signal a false
breakout. Blue lines on the chart mark potential trendline support if the
initial trendline line is broken.

Target on the upside is just below 1200 and if that is broken then 1250.
The average weekly movement for the S&P is just under 31 points. Keep this
in mind, as it will likely take a week or long to reach this initial upside
target, and several weeks to hit the second target if this market continues
higher.

Cory Mitchell, CMT
Vantage Point Trading

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Analysis written by Cory Mitchell for CFDsPros.com

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