Bullish Continuation Expected for S&P 500
S&P 500 broke out of its down trendline and then saw Sign of Strength (SOS), breaking above its resistance.
With the bullish character, we expect the current short term demand>support situation to persist, trading towards 2850 resistance area (FIbo 61.80% area and previous support level.
However, 1 sign of cautious is the volume. We like to see more volume as index trends higher. If volume remains at current rate, we may see trend reverse.