SPX is looking a little extended at these levels, with bearish divergence on the MACD signaling waning momentum, i would look to see a slight ease, from these levels
Looking at potential targets, the major pivot around $4050 USD also falls on the 50% fib retracement of the most recent leg up.
A less aggressive pullback could entail a retest of the 50 SMA. currently around $4120 USD
In any case the market has been running hot and a pullback to some degree is inevitable, however given the macro background, unless the Fed signals they will begin tapering/ raise rates and/or the federal government pulls the stimulus and unemployment support out from under the population (highly unlikely) I see the market still pursuing a "risk on" trade at least for the time being.
-TradingEdge
Looking at potential targets, the major pivot around $4050 USD also falls on the 50% fib retracement of the most recent leg up.
A less aggressive pullback could entail a retest of the 50 SMA. currently around $4120 USD
In any case the market has been running hot and a pullback to some degree is inevitable, however given the macro background, unless the Fed signals they will begin tapering/ raise rates and/or the federal government pulls the stimulus and unemployment support out from under the population (highly unlikely) I see the market still pursuing a "risk on" trade at least for the time being.
-TradingEdge
