US500 stock futures rose above the 200-day moving average for the first time since August 20, recouping its year-to-date losses in the process. The index has been rallying since the end of September and has retraced more than 61.8% of the July-August downleg.
The strong upside momentum has faltered in the hourly RSI and stochastics charts but remains positive in the daily charts suggesting the rally may hold for a while longer in the near term. With prices sharply above the Ichimoku cloud and the 200-day moving average, the outlook for the medium term is bullish.
Having broken through the 61.8% of the Fibonacci retracement level at 2013, which now serves as a support level, the next resistance level is the psychologically important 2100 level. This would put it within range of its all-time high of 2133.60 set on May 19.