S&P 500 Negates Top For A Bull Shift
· A very unexpected surging rally through 1801.25 (to signal a neutral shift), whilst a bullish shift was indicated through the 1809.5 topping trigger.
· This signals a re-energizing of bullish pressures having dismissed the latter Jan top since last Thursday.
· We now see upside risk to 1822.0 and 1828.0 on the way back to the 1846.5 historic peak.
· This should provide a tough initial barrier, but a break aims at Fibo extension levels, now at 1852.0 and 1865.5.
· The 8-day RSI, short-term momentum is positive, but not OB, leaving scope to go still higher this week.
WHAT CHANGES THIS?
· Below 1795/94 eases bull risks; through 1758.25 signals a neutral tone, only shifting negative below 1744/43.
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