S&P 500 tests resistance

The S&P 500 is headed for resistance at 1575, after repeated tests of support at 1540. Breakout above 1575 would test 1600*, but reversal below 1540 remains as likely and would warn of a correction. Although ripe for a correction, 13-week Twiggs Momentum troughs above zero continue to reflect a strong primary up-trend.

S&P 500 Index

* Target calculation: 1475 + ( 1475 – 1350 ) = 1600