S&P 500 rose 1.38% to new record at 4791.19 overnight. The development confirmed resumption of whole up trend from 202 low at 2191.86. For now, outlook will stay bullish as long as 4531.10 support holds. Next medium term target is 138.2% projection of 2191.86 to 3588.11 from 3233.94 at 5163.55, which is slightly above 5000 handle. That would be a key level for S&P 500 to overcome in the early part of next year.
Meanwhile, to solidify the case of full return of risk-on sentiment, we’d like to see NASDAQ breaking through 16212.22 high and DOW through 36565.73.
