In my last week post I had mentioned that S&P will hit 1485 by January 16th. S&P hit 1485 on January 17th and closed at 1485.98 on January 18th
Now S&P must continue its upward journey immediately on Tuesday (January 22nd). In case it pulls back then it must hold 1465 otherwise S&P could drop to 1435-1438 level.
If S&P continues its upside journey then it will hit the resistance at 1492-1494 and ultimate target of 1500. There is a high probability that S&P could hit 1500 by Friday – January 25th or Monday – January 28th.
After hitting 1500 S&P has the possibility of pulling back to 1465 and then rise once again till mid-February and hit the target of 1525.
We will find out which path S&P will take next week.