What I’m watching:
If we get a retracement, I’m looking for support around the 8600-8550 zone. If buyers are there, it could push the index much higher.
A bounce off this support would make sense in this bullish trend, and we could start eyeing the 8800-9000 range next.
Bullish Continuation:
If the support holds and we get a strong reaction from buyers, expect price to push higher, with 8800 - 9000 as next targets.
Bearish Pullback:
If we break below 8600 and find resistance around that area, there’s a chance we could see a deeper pullback, but I’m not expecting anything drastic unless external factors play a part.