The rate of SNP at which recovered since the bottom on March 23rd 2020 is regressing into a logarithmic recovery (see blue line), which is similar to the bottom of December 2018, although not as steep as 2020.
In 2018 the recovery stopped when we reached the previous high around $2,940, then we saw a a fibonacci retracement to the second level ~$2,726 .
If this pattern repeats we would see the S&P climbing to its previous high ~$3,400, slowly loosing momentum, then, when the bears will take control we might see a retracement to $2,950 which is also the previous high, which would work as additional support.
The price might find support at the 200 SMA or the first level of Fibonacci retracement , which is around $3,100. Hopefully by the time we reach the peak the 200 SMA will have moved up, hopefully to the -23.6% Fibonacci level so we might reverse there, but if the economic data and polical tensions continue to create headwins we might see a further retracement to $2,950
In 2018 the recovery stopped when we reached the previous high around $2,940, then we saw a a fibonacci retracement to the second level ~$2,726 .
If this pattern repeats we would see the S&P climbing to its previous high ~$3,400, slowly loosing momentum, then, when the bears will take control we might see a retracement to $2,950 which is also the previous high, which would work as additional support.
The price might find support at the 200 SMA or the first level of Fibonacci retracement , which is around $3,100. Hopefully by the time we reach the peak the 200 SMA will have moved up, hopefully to the -23.6% Fibonacci level so we might reverse there, but if the economic data and polical tensions continue to create headwins we might see a further retracement to $2,950