S&P 500 recovery trend intact
· A probe higher to start the week, close to our next Fibo extension target at 2020.0 to reinforce upside pressures from the bullish outside Thursday pattern and the aggressive Friday surge.
· Another new cycle and all time high leaves a very bullish tone with the 8-day RSI confirming the new high with momentum scope to go still higher this week.
· Above 2020.0 sees further extension targets at 2028.5 and 2035.25
· We still see solid support at 1989.75 with a modest level holding ahead of here at 2002.25.
WHAT CHANGES THIS?
· Below 1989.75 eases bull risks; through 1959.25 signals a neutral tone, only shifting negative below 1944.5.
See full report with levels & latest screencast here: http://members.marketchartist.com/Daily/sp500.pdf
4 Hour S&P 500 December Future Chart