S&P500 is at the highs, so stocks are obviously very strong, however we still expect to see a three-wave pullback to develop from current highs in the near future. We are currently observing a five-wave recovery within higher degree wave 3, with possible resistance and turning point being seen around the 2930/2970 area. There we see various Fibonacci ratios, from 200.0 to 261.8, which can react as resistance for the stock market. That being said, after sub-wave 5) of three fully develops, that is when a temporary pullback as wave four with support around 2784/2721 may follow.
S&P500, 4h
