Chart of the day

Where do we stand fundamentally?

SPX is still within the strong uptrend as NASDAQ and is mostly driven by the tech sector but since SPX is broader other stocks will tend to pull it up as well, which is why I expect a continuation higher on the back of the technical breakout.

SPX is testing the strong upside resistance of 5560. A breakout above this resistance will lead to an extension higher in the fifth wave. Support for this new leg higher is 5400.

An invalidation level of a fifth wave extension higher is 4700. We need to see a confirmed break higher above 5560 to an extension into 5900.

_{Look for a long trade entry upon a break above 5560 with a stop loss below 5500.}