Semiconductor Rally Drives S&P 500 Index Toward 7,450 as Breadth Weakens

S&P 500 12-Brick Renko

Source: TradingView

The Verdict

Current Trend Direction: Bullish

Bias: Positive

Support Levels: 6,525, 7,000

Resistance Levels: 7,450, 8,150

Medium Term Path: We should be hitting 7,450 on the S&P 500 early next week. From there I expect that we may get a couple flat or down days as the markets reassess the happenings within the Index. The S&P may consolidate between 7,275 and 7,320 before making another push higher past 8,000.