After today's S&P 500 breakout above the 50 day moving average and short term downtrend, the stock market should have some short term momentum.
The S&P 500 is currently around 1350.
Next resistance area is around 1400 on the S&P 500.
Intermediate term, the S&P 500 is still on a downtrend. The S&P 500 is still below the 200 day moving average.
But let us see how the market performs as the S&P 500 reaches initial resistance (1400).
We might be in a trading range short to medium term, but looking towards the end of the year, it is still possible that we will still break down below 1270 on the S&P 500 based on a 5 year view of the S&P 500.