5 Jul 2021, 10:05

In the last weekly update, the S&P 500 Index had already broken above the brown resistance line in the picture. The brown line was a resistance that was part of a wedge formation. We forecasted that if the brown line was broken above, that we could see greater upwards momentum. And the entire week made our prediction come true. Great NFP figures just contributed to the strength of the trend.

What could next week bring? Will the trend continue or will there be a pullback? If it is the latter, then, the brown line becomes a new support for the S&P 500 to correct towards, before springing up another round of new uptrend.

Do remember that US stock markets are not opened on 5th July as they are celebrating Independence Day in the States. We wish you all a good break from the stock markets and stay safe whilst the pandemic.


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