Chart of the Day -SPX- (December 17th, 2020)

If you watched the Week Ahead video then you know that we were expecting an end of year melt up in the markets. We still have a couple weeks to go and this may still be the case, but we must note we are at key resistance today. Which could allow for a very shallow pullback before a continuation rally. We are at the 127% Fibonacci extension of the COVID-19 move lower. This level is at 3727. With the SPX forming an ascending wedge and divergent RSI there may be a risk of a pullback.