Looking at a longer time frame, to provide a long term perspective, we see an upward potential to the historical maximums, in fact the upward movement is still valid and the momentum are giving us a positive signal for a continuation of this movement.
In the S&P 500 daily graph, it is possible to see a declining in the momentum. In fact, the MACDH are giving us a divergence signal, alerting for an eventual correction.
Furthermore, we are at 78.6 level of Fibonacci, and close to the target of the double bottom registered between January and February. These two events reinforces the idea that we are close to an eventual correction.
Despite the upward potential observed in the weekly graph, it is probable to watch a briefly correction in the followings days. Additionally it is important to refer that this correction it will be essential to provide enough strength for a strike to the historical maximums.
