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S&P 500: Correction Retraced, but Will Stocks See Further Upside?

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S&P 500,S&P 500 Futures,CBOE Volatility Index

Stocks Analysis by Sunshine Profits (Paul Rejczak) covering: Nasdaq 100, S&P 500, S&P 500 Futures, CBOE Volatility Index. Read Sunshine Profits (Paul Rejczak)'s latest article on Investing.com

gaining 0.16% and slightly extending its recent advances. The market reached a new local high of 5,239.66 and it was the highest since April 4. It has retraced almost all of its 311 points or 5.9% correction from the record high of 5,264.85 on February 28 to a local low of 4,953.56 on April 19.

contract. On Friday, it retraced some of the recent advances; however, it managed to come back closer to local highs, and this morning, it’s trading along the 5,250 level again.The S&P 500 is likely to remain close to its last week’s local highs after extending a rebound from late April low and retracing almost all of its 5.9% downward correction.

economic data isn't entirely negative, and strong earnings from companies may continue to fuel the bull market.”The S&P 500 is expected to trade along its local highs today as markets await key inflation data on Tuesday and Wednesday.

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