S&P 500 Aiming at New Records?

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For quite a long time, the market moved in an upward direction to the upper bound of the yellow channel. More precisely, this trend can be described by the walls of the green channel.

Now the price has come close to the resistance that forms the yellow bound. If we see a break above the level of 3243.6, the growth will continue further to 3313.9.

But if the bulls do not have the strength to continue growing, we could expect a local decline. In this case, the price will first go below the red line of the moving average, then we will see a gradual decline to the lower green wall and the support level of 3179.2.

In the event of a break of this level, the bears will open a path to 3027.1, an approximate scheme of possible scenarios for the future movement is indicated on the chart.

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