S&P managed to close marginally above 1500 maintaining the bullish trend. We believe that at this level, bulls should be extra cautious as we think it is more probable that prices will pull back at least towards 1475-60 area. There is no sign for such a developement yet if we look at the 60 minute chart below.
Short term trend will change if we see an hourly close below 1496 and then below 1489. Such a price action will indicate at least a short-term top. We would expect prices to make a correction towards 1475-60 area. Such correction is welcomed in order for the bullish trend to re-energize and push prices towards the all time highs.
Bottom line is that we remain positive with our finger on the trigger ready to cover long positions and why not take advantage of short positions.
Resistance in S&P is found at 1503 and then 1520. Intermediate to long term trend support is found at 1410-20.