Covid Vaccine Optimism Keeps S&P500 to the Upside

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The S&P500 index rose by about 2.37% on the week.

As a result, the index managed to pare losses from the week before.

It also broke past the previous week’s highs and is now back within reach from retesting the previous all-time highs formed two weeks ago.

Price action on the weekly chart suggests a possibility for further gains after the S&P500 index closes above the previous key level of 3588.

Therefore, as long as prices do not close below this level on a weekly basis, we could expect further gains.

This could mean that the S&P500 index could very well continue moving higher.

The risks to the downside remain minimal for the moment. But if the S&P500 breaks down below the 3588 level, then we might see a stronger correction taking place.

The 50-day moving average is likely to act as dynamic support near the 3454 level at the moment.

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