S&P 500 Index clears a 4-week triangle resistance to eye early July's 1985.59 record high

S&P 500 Index probed above a 4-week triangle pattern resistance to confirm a higher base over 1952.86, extending the broad uptrend to test the early July’s 1985.59 record high. Above lies the 2000.00 psychological level ahead of the Fibonacci projections at 2004.44 then 2011.33.

However, with the daily MACD below the signal line, it is possible we could see a fake breakout. If the 1985.59 area manages to cap the rebound, the index would remain range bound to retest the 1952.86/1944.69 support zone. 

Trading bias:

Buy zone: 1967.00 area

Stop below 1965.00

Target near 2000.00 possibly 2011.00

S&P 500 Index daily chart

 S&P 500 Index 240min chart

 S&P 500 Index 15min chart