The S&P 500 has made nearly a 40 percent run from the April dip despite rising stagflation risks. Traders have chosen to focus on earnings and AI optimism, and that is likely to continue.
However, the market has now reached a point where the upper lines of both the 1H and 1W trend channels are being tested, which should not be ignored. There is no reason to dismiss the strength of this magnificent bull market, but a bit of caution may be wise for those fully loaded with stocks or long the index via CFDs.
In the short term, there is a risk of a correction toward 6,500.
However, the market has now reached a point where the upper lines of both the 1H and 1W trend channels are being tested, which should not be ignored. There is no reason to dismiss the strength of this magnificent bull market, but a bit of caution may be wise for those fully loaded with stocks or long the index via CFDs.
In the short term, there is a risk of a correction toward 6,500.
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