S&P500 index is up about 30% since the rebound from old cloud chart support levels of Q4 2017, 2197 zone! On the daily cloud chart the index is now at an old cloud chart resistance zone of 2904.27/2680.71 resistance zone! Need to see a sustained breakout from these levels for the rally to motor ahead! But downside consolidation risk remain high at these levels.
On the weekly cloud chart the S&P500 is hitting another key cloud chart resistance zone at the top end of the cloud, 2923/2904 another key resistance zone! Critical for the index to break past this zone, if not and resistance holds then there is more downside to the market!
Critical week ahead!
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