S&P 500 Index Poised to Mark a Fresh All-Time High
The broader S&P 500 Index may likely be due for a pull back or a consolidation in the very near term as it encounters a resistance at its all-time peak of 4,800. Its ability to establish a series of higher low bases and break from a ‘high cheat’, though, position it for an eventual upside swing later on. Note that a successful move above its all-time high of 4,800 will lead it to establish a fresh bull wave and send it to a measured objective of 6,100 at the minimum. With the Industrials now leading, as it is already trading at an uncharted territory, and the Nasdaq and small caps not far behind, it now looks that a more comprehensive and wide-ranging upward move across the board may likely be on deck. Such an event may hopefully spill over and lift emerging markets like the Philippines as well.
Source: Bloomberg
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