SPX - New Bullish

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Yesterday, the S&P 500 index experienced a significant rise, gaining 285 pips and reaching a new record high. This momentum suggests a robust upward trend. However, today we anticipate a short-term correction, with the index likely to decline to around 5343 or 5325. This correction is expected to be temporary, serving as a consolidation phase. Following this, the index is projected to resume its ascent, potentially returning to the previous high of 5363 or reaching new levels near 5390. Caution is advised, as a sustained drop below 5325 for an hour could lead to a further decline towards 5300. Overall, while the outlook remains positive, traders should remain vigilant of these key support levels during the anticipated correction.