SP500 picks up buyers at the 3520 level – Big Upside

The SP500 retraced back from all-time highs on Monday and has been trading inside of a range after closing the weekend gap. This is important because a failure to close below the 3500 level is very bullish and would also mean a new higher low has been printed. After the US presidential election there is no uncertainty we will have a new President in 2021 and even though Joe Biden’s fiscal policies are more hawkish than Trump’s, the stock market is not concearned and is rallying on future stability (trade and macro).

We believe the next bullish leg might be in play and we see the SP500 rallying to at least the 3770 level which would be the calculated targets on this last pullback.