S&P 500 ‘looks destined’ to notch a fresh all-time closing high, say chart watchers

by Victor Reklaitus

Chart watchers are talking about what’s next for the S&P 500, as they reflect on the strong week so far for the U.S. stock benchmark.  The index has tacked on 1.7% over the past two days, achieving its biggest two-session percentage gain since Nov. 8, more than five months ago.

The index could rise to 2,430, said John Kosar, chief market strategist at Asbury Research, in a research note to subscribers.

The benchmark’s chart pattern suggests 2,430 as a target “as long as the 2,368 upper boundary of the indecision area now loosely contains the index as underlying support,” he wrote, as he offered the chart above. The S&P has climbed above a downtrend line dating to March 1, signaling the post-Election Day rally has resumed, Kosar added.

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