Major stock indices stay high on hopes that the recovery is firmly on track. The S&P 500 has been grinding up along a rising trendline established earlier this month.
However, a double top in the RSI’s overbought area may temper buyers’ willingness to chase bids.
The trendline (4150) is the immediate support as the index makes a retreat. 4120 is a key level to keep the uptrend intact in the short term.
On the upside, the psychological level of 4200 could be the target as buyers push for a new record high.
