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Hugo in HTO Trading,

SP500: Clear road to 2015 high

Since the beginning of the year the index gained more than 1.0% also last week rose more than 1.5% and is in an accumulation phase since mid-March.

Last week the index rallied with a wide range and closed near the high of the week, in addition managed to close above previous week high, suggesting a strong bullish momentum.

The Stochastic is showing an overbought market however is still displaying a strong bullish momentum.

Expecting an upward move to a weekly resistance at 2,119 (scenario 1) on a break above the previous week high at 2,066.75 or a bounce from a weekly support at 2,014 could push the index up to a weekly resistance at 2,119 (scenario 2).