Technical Analysis for the S&P 500
Stocks are climbing steadily but do not appear to have the momentum they did earlier. I’d wait for a nice dip to consider getting long. We have some support from a minor level at 2915 or so. Watch out because we may be forming a head and shoulders with the neckline at this level. We are bound to face resistance at the high of 2970. We still have a long way to go before trying to break new highs again.
Below are the corresponding levels for MESM2020 (the E-Mini Micro contract expiring in June, 2020).