S&P500: Bullish Impulse Unfolding; Temporary Pullback Can Be Seen Around 2025
Stocks recovered very nicely and sharply since mid of February so new bullish reversal is here. Reason for bulls is a five wave rise from 1802 which is an impulsive wave that shows direction of a trend. As such, we will continue to look even higher in months ahead, up into wave V) towards 2200 and 2300 levels but before that we need to be aware of a new corrective set-back, ideally back to 2025 from where uptrend may resume.
S&P500, Daily
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On the lower time frame, E-mini S&P500 recently hit new highs around 2100 as expected from where black wave 5 of 5) sent prices lower. We have seen a decline for more than 20 points in the last 24 hours which looks like a start of a new three waves of a pullback; ideally back to around 2020 after a successful break below the trendline support.
S&P500, 4H
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