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Hugo in HTO Trading,

SP 500: Testing 2015 high

Since the beginning of the year the index gained more than 4.0% and last week alone rose in excess of 1.0% in addition is in a bullish phase since the end of June.

Last week the index initially fell but found enough support at the 10-week moving average to trim all its losses and closed in the green, near the high of the week, managing to close above the previous week high, suggesting a strong bullish momentum.

The Stochastic is showing a strong bullish momentum and is above the 50 mid line.

Expecting an upward move to a Fibonacci extension at 2,176.15 (scenario 1) on a break above the weekly resistance at 2,133.50 however a break below the previous week open at 2,098.50 may drag the index down to a weekly support at 2,014.00 (scenario 2).