S&P500 needs to target 3030/3050

The S&P500 failed to break the 3000 level last week although 3030/3050 is the level to look for, saysTony Sycamore of Tech-FX Trading. How the index behaves at this level will determine if the rally from the May low is a wave 5 top or a wave iii with further to go. In the meantime, prices need to hold above 2905/2895 for a move higher. A break below 2865 signals a possible end of the current rally.

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