Technical Outlook: In my last S&P 500 Price Outlook we noted that the SPX rally had, “extended into a pivotal resistance barrier and the immediate focus is on a reaction up here with the bulls at risk sub-2930 near-term.” A false breakout on April 29th quickly reversed with the index pulling back into the 23.6% retracement of the mid-March rally at 2786 before rebounding.The recovery is now once again approaching critical resistance at 2890-2932 – a region defined by May open, 100% extension of the advance off the yearly low and the 61.8% retracement of the 2020 range. A breach / close above this threshold is still needed to unleash the next leg higher in SPX towards the August 2019 highs at 3026. A break below Fibonacci support would risk a larger price correction with subsequent objectives at 2670.
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