The
SPX
broke a symmetrical triangle on May 9th on the upside. The next resistance is the previous ATH at 2875 points. Two scenarios seem possible from the current level: 1) the most conservative one where the index cannot break its 2875 points resistance and forms a double top or 2) the most optimistic one where the index temporarily breaks above 2900 points for a couple days and touches its top channel resistance. This last bull market is probably going to be characterized by low volume and low volatility as market participants become less active during the summer.
SPX
broke a symmetrical triangle on May 9th on the upside. The next resistance is the previous ATH at 2875 points. Two scenarios seem possible from the current level: 1) the most conservative one where the index cannot break its 2875 points resistance and forms a double top or 2) the most optimistic one where the index temporarily breaks above 2900 points for a couple days and touches its top channel resistance. This last bull market is probably going to be characterized by low volume and low volatility as market participants become less active during the summer.