S&P 500 finally took out 3393.52 key resistance with conviction, and closed up 1.00% at 3431.28 record high. Optimism on coronavirus treatment boosted sentiments in general. In particular, shares of AstraZenca surged nearly 2%, boosted by reports that US is considering fast-tracking its coronavirus vaccine candidate.
Technically, the focus now is whether SPX will pick up upside momentum after clearing 3393.52. But in any case, near term outlook will remain bullish as long as 3354.69 support holds. Next near term target will be 61.8% projection of 2191.86 to 3233.13 from 2999.74 at 3643.24.
