S&P hits new record high

<p>The S&P 500 (daily chart shown below) reached a new record intraday high above 2120 on Friday, closing last week at a record closing high […]</p>

The S&P 500 (daily chart shown below) reached a new record intraday high above 2120 on Friday, closing last week at a record closing high of 2117.

That intraday high slightly surpassed the prior record of 2119 that was hit in late February. Since that February high, the index has pulled back significantly twice, only to follow-up both times with strong rebounds.

2015-04-27-SP500 daily chart

The current rebound has been in place for the past month, since late March, before surpassing the February high on Friday.

Both pre-market trading and the market open on Monday have shown even further strength in the US market, indicating new record highs this week.

With key downside support around the 2065 level on any subsequent pullback, the next major upside target on any further push to new highs resides at the 2200 objective.

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