Hourly frame hints a breather or pullback may be necessary before bulls could go further to challenge the level 1425.00

Bulls have made a big progress when drawing prices in a 5-wave impulsive pattern, claimed back the MA-200 days and overcame though a cluster of major resistances in the area 1400.00-1409.00 marked by a rectangle in red color. Looking ahead we can notice the next resistance of bulls is at 1415.00, the 78.6% retracement of the recent fall from 1434.27. But the real challenge for bulls, I think should be around 1425.00, where the MA-50 days meet with a confluence of Fibonacci levels and a trend line.

Take a glance at some indicators of SPX in an hourly frame! It seems that they are in the overbought area, extended, or nearly so and therefore some breather or pullback may be necessary before bulls could go further to challenge the level 1425.00.

In case of a pullback seen in next Monday or Tuesday, I expect the area 1377.00-1383.00 around MA-200 days will provide a good support.