S&P 500 to Take Another Shot at Record, Nasdaq Faces March Bull Trap This Week

We have seen this before - a rally of a few weeks tops off with a reversal candlestick, but the next day, the rally continues.. However, with all indices pressuring resistance of bearish flags - to the point these flags may no longer be considered bearish - it's still more likely we will see challenges of March highs before we see any retest of April lows.

The S&P 500 closed Friday with yet another narrow-range-day doji, following on from a similar doji on Tuesday. Tuesday's doji didn't linger long in the memory, so precedent states Fridays should last there just as long. We are very close to new all-time highs, and with technicals net bullish but not overbought, there is a good chance we will see these highs tested this week.

Heading into this week there is cause for optimism. At worst, we are likely looking at an extension into a summer trading range that at least keep things positive into the latter part of the year .

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