S&P-500 Outlook For October 6, 2014

S&P-500 finished the week in strong fashion to recoup most of its weekly losses. The market has been rangebound around the 2,000 mark for a couple of months now as buyers have not been capable of pushing it over all-time highs. Price needs to break resistance @ 1980 area to turn the daily trend decisively up. On Monday S&P-500 has a good chance to capitalize on its strong performance of the last 1 and a half trading sessions. My estimate is that we will see new all-time highs very soon, although 2.000 and 2.020 will be significant hurdles to get over. For the bullish scenario to stay alive, 1950 and 1925 must hold.

SP-500 spot Index, daily chart:

SPX_20141003

Chart courtesy of StockCharts.com. http://stockcharts.com

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