The S&P500 index could easily add 300 points to its belt.
An extremely bullish pattern is forming for the S&P500 index on a 8-hour time frame. The index is in a process of forming one of the bullish patterns which is called the reverse head and shoulder pattern. The patterns is shown by the circles drawn on the chart below. Once the index completes its right shoulder, and breaks above the 2683, the current resistance level, the projection of this pattern could easily push the price towards the 3K mark.
The price has already broken its 50 day moving average shown in pink and a long as the price stays above this moving average, it will only confirm one thing that the bulls are the one who ae controlling the price action. Another evidence of this comes from the fact the price is also trading above the 100 and 200-day moving averages, shown in green and orange (respectively).
The balance of power indicator confirms the bull strength because it is trading above the level of zero.
The support zone is shown by the green horizontal line and the resistance is shown by the horizontal resistance line.
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