SPX Target: 3100 By May 29

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My post of May 21 identified a pivot point resistance value/target (R1) of 3095.86 for the S&P 500 Index (SPX) for the month of May.

Its S&P 500 E-mini Futures Index counterpart (ES) has almost touched the 3000 level in Monday evening’s trading session, as shown on the following daily chart.

There are four trading days left in May for the SPX to reach its R1 value, which coincides with the next technical resistance level of around 3100 for the ES (the median of an uptrending channel converging with overhead price resistance).

The Balance of Power lies with the buyers and Momentum is still on the rise, so I’d give it a 55% chance of making that target…we’ll see what happens.

The last time I gave the SPX a 55% chance of moving higher, it was about 100 points lower on May 17, so I’ll stick with that percentage for now.