Dramatically, S&P 500 led the way on Friday and closed 1.66% higher. In fact, yesterday’s close was a all-time-high close at 3974.54; 0.42 points higher than the close, 3974.12, on 3/17/2021.
The Parabolic SAR indicator is currently at 3981.28. It is very likely the trend will change again and become bullish on Monday, unless the index opens lower because of some unexpectedly unwelcome news.
Below is the hourly Renko chart of the S&P 500 index. Friday’s rebound was expected at around 3860 as the RSI began to show the oversold condition. However, the V-shape strong rebound was surprising. The RSI now shows overbought. We may see some pullback at this level. Maybe a 20-point pullback or so before it pushes higher.
