The S&P 500 index pushed to another record high this Friday, as the markets look set to end the week on the back of strong bullish sentiment. Boosting sentiment this Friday was the record GDP reading out of China.
Data from China’s National Bureau of Statistics indicate that China’s economy grew by 18.3% in the quarter under review from a year earlier. This number represents the strongest growth in the Chinese economy since the official recording of quarterly GDP results commenced in 1992.
As of the time of writing, the S&P 500 Index was up 0.24% and was trading at 4180.00, having pared some of the day’s gains after hitting a record high at 4187.2. Leading the charge on the S&P 500 index are the Financials and Materials indices.
Technical Outlook for S&P 500 Index
The S&P 500 index The push towards 4,200 is on, as this is now the next logical target as identified in previous price projections from Credit Suisse. Above 4200, the 200% Fibonacci extension level at 4301.0 becomes the next available target.
On the flip side, a retracement that occurs from profit-taking would likely select the 38.2% Fibonacci retracement within the C-D price swing in the “W” pattern, which comes in at 4062.8. Other logical targets below this include 4022.1 (50% Fibonacci retracement and 1 April high), 3981.4 (61.8% Fibo retracement and 26 March high), 3950.1, 3910.5 and 3870.0.