Analyst Thoughts: S&P500 Medium-Term

TESTING TARGET LEVELS

• The current bull trend is maturing and should top out around current target resistance of TA1/K.

• Downside to S0 and towards S1* off TA1/K will be phase 4 of the larger bull trend.

• Further eventual gains to new highs and T2 should complete the overall bull trend.

• Short term: Any further interim upside should be limited to K with downside potential to S0 Important levels: • A break of S1* will neutralise the longer-term bullish bias.

• Conviction: Medium

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