The strength from the NASDAQ & Dow helped the S&P 500 jump above 3900 today, but closed at 3875 in the end. It’s really at the cross road.
The index is still below the purple trendline from the 10/30/2020 low. However, the index is confined within the green trendline from 3/23/2020 low and the red trendline from the 2/16/2021 high.
It does look like we’ll have a clearer picture within the next day or two.
Futures shows a similar pattern, but slightly different. Futures is still above the green trendline from the 10/30/2020 low.
On the weekly chart, it closed right on the trendline. The Parabolic SAR indicator still shows a downtrend at 3945.
