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Hugo in HTO Trading,

SP 500: Continues to Make a new higher highs

Since the beginning of the year the US Index increased almost 14.69% but last week closed with a gain over 0.8% and remains in a bullish phase since late-August.

Last week the index rallied with a wide range and closed near the high of the day, additionally closed above the previous week high, which suggests a strong bullish momentum.

Stochastic is showing an extreme overbought market although is still displaying a bullish momentum.

Expecting an upward move to a Fibonacci extension at 2,289.20 (scenario 1) on the break above the previous week high at 2,574.25 however a break below the previous week low at 2,542.25 may set in motion profit taking down to a key level at 2,488.25 (scenario 2).