S&P has most probably completed another triangle sideways correction on Friday. Wave E of the triangle was completed at 2072 and I expect a new upward move to start this week. Critical support for this scenario is at 2055-60.
SPX daily charts continue to hold above the Ichimoku cloud support and as long as price is above 2055-60 we should expect a breakout above resistance of 2110-2120. Breaking above that resistance will confirm my bullish view for 2200 target.
Long-term trend remains bullish. Short- and medium-term trend will change to bearish if we break below 2050 with possible target of 1970 where I believe support will hold. Worst case scenario is we make now a deep correction towards 1970 but I prefer the bullish scenario where we break above the triangle consolidation we are in.
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