The US 500 (Cash) index has strongly rebounded off the 4,270 barrier and the momentum indicators now suggest that the market sentiment is back to bullish as the MACD is entering the positive region, holding above its trigger line. Also, the RSI is pointing northwards above the 50 level and the price has surpassed the upper boundary of the Ichimoku cloud, indicating more positive movements.
Should bullish dynamics dominate, the market might revisit the all-time high of 4,549.39 before getting into uncharted levels. The next targets could come from 4,600 to 4,700 and 4,800.
On the flip side, if there is a slip below the Ichimoku cloud and the 20- and 40-day simple moving averages (SMAs), immediate support could come from the 4,325 barrier. In case of steeper declines, the price may overcome that point to test 4,270 and 4,229.
To summarize, the US 500 stock index bias looks positive both in the short and the long term.
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