The U.S. stock market has overcome uncertainty and is set for growth towards new all-time highs. The price has settled above the indicator lines of the Balance Line and the MACD Line and has completed a week-long consolidation phase, marked on the chart with a gray rectangle.
Our target is 6296, the upper boundary of the price channel on the monthly timeframe. However, the first immediate target and resistance level for the S&P 500 quote is 5769, the low from January 13. A breakout above this level will open the path toward a test of two strong resistance levels: 5872 and 5908, the former being an internal price channel line and the latter corresponding to the low of February 3.
On the four-hour chart, the price is currently testing the MACD Line, while remaining above the Balance Line, which gives it a strong chance to break through this resistance. The signal line of the Marlin oscillator is currently at the neutral zero line, but this development is unfolding within an uptrend zone.
