US stocks open sharply higher today with S&P 500 and NASDAQ hitting new record highs. NASDAQ is clearly leading the way higher. It’s staying well inside near term rising channel, without clear upside acceleration so far. But as long as the channel holds, we’d expect further rise to 61.8% projection of 6631.42 to 12074.06 from 10822.57 at 14186.12 in the medium term.
Similarly, S&P 500 is also staying well indicate near term rising channel, without clear upside acceleration. But as long as the channel holds, further rally would be seen to 61.8% projection of 2191.86 to 3588.11 from 3233.94 at 4096.82 next.
