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Usa500: Bounces back, will it continue this week?

U.S shares saw strong gains on Friday session, ending the day firmly in positive territory, as investors searched for bargains after heavy selling, and reassuring words from members of the U.S. Federal Reserve helped to boost sentiment.

No headline news on today’s economic calendar so it may be a very quiet trading day.

The Usa500 rose during Friday’s session after breaking above Thursday inside day but found enough resistance at 1,886.12 and closed near the high of the day. The Index is in a distribution phase and the stochastic is signaling a bullish tone.

Expecting upward move to 1,927.81 on a break of above the daily resistance at 1,898.28 (scenario 1) or after a pullback into the resistance zone and a break below it at 1,886.12 could push the index to 1,824.72 daily support.

Usa500 is a CFD written over S&P500 futures.