S&P 500 hit new record of 3399.54 but retreated mildly after FOMC minutes, closing down -0.44% at 3374.85. Upside momentum appears to be diminishing as the index presses prior record of 3393.52. Daily MACD is struggling around signal line, in accordance with indecisive price actions.
For now, outlook will remain bullish as long as 3279.99 resistance turned support holds. An eventual firm break of 3393.52 and a record run is still in favor. But break of this first line of defence will be a strong sign of rejection by 3393.52 resistance. Focus will then turn to 55 day EMA (now at 3209.72), for further indication of near term bearish reversal.
