I would not be surprised if S&P500 reached 1600 and then go on to make higher highs. The first target is within the reach of a hand. The second one is a bit more complicated. The resistance at 1600 level should be pretty strong. However, the mere fact that the index did not fall below 1540 shows that market bulls are still very strong and are ready to buy on dips.
That's why I expect the uptrend to continue in stocks. All fundamentals somehow have short term effect and markets get back to their primary trends when the heat of the news disappears. In my opinion, this time will not be an exception. The stock index will definitely try to go higher. We will see if that becomes a reality.
See you soon.
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