The American indices are once again pushing upwards.
All of them break the key short-term resistance. After having passed that period of weakness characterized by bearish sessions, as we expected after Powell’s conference. The three downtrends, which were due to start on March 20th post-FED, did not reach the respective support areas where we had hypothesized the target zones. As regards SP500, when price was at 2820, we had identified the possible target at 2640 points. While the descent stopped at around 2780 points. Same thing for DOW JONES, it hit the SL. NASDAQ, which should have retraced from 25750 and 7370 points to reach the support levels set at 25000 and 6900 points, stopping however at 25340 and 7250 respectively. These descents would have had to last many sessions (forming a mini-trend in the short / medium term ) having been reabsorbed in 4-5 sessions. It is very likely that now the prices will go to reach the successive resistances. Those are placed behind of the absolute maximums to then again suffer a bearish attack. Always towards the key supports mentioned above.
To summarize: we expect a continuation of this very short-term uptrend. Targets on the static resistances placed respectively at 2906/2930 points (SP500), 26700 (Dow Jones) and 7660 points (Nasdaq). We enter on a long position on the SP500 with target the first resistance set at 2906 and we keep it in the portfolio for a few sessions. Our opinion the main trend must undergo a reversal because of the fundamental configured scenario.