29th March S&P 500 gapped higher and traded and closed above the strong resistance around 4,591 shortly peeping above 4,600 before profit taking set in with the Index closing the gap.
However, RSI closed above 60 threshold showing positive sentiment. There is no divergence indicating we could see another move above higher past last week’s peak.
Friday S&P 500 closed right on the 100 SMA but above the 200 SMA but the 55 SMA is falling sharply indicating we could see some volatility between 4,400 and 4,600 next few days. If the Index is being pushed below 200 SMA sellers could get a second wind pushing the Index to test support at 4,400.