FxWirePro: Daily Commodity Tracker - 21st March, 2022 
In February, in an article, named, “FxWirePro: S&P500 likely to reach new record high if support at 2530 holds”, available at https://www.econotimes.com/FxWirePro-SP500-likely-to-reach-new-record-high-if-support-at-2530-holds-1166341 we suggested that while we have turned bearish on European stocks as they look wobbly, that is not that case for North American stocks. Unlike the European bourses, the American benchmarks have the support of recently passed tax cuts and reforms, as well as an accelerating economy. In that piece, we suggested that as long as the support around 2530 holds, S&P500 is likely to hit a new record high and reach 2920 area.
In a follow-up call review, https://www.econotimes.com/FxWirePro-Call-Review-SP500-target-revised-higher-to-3120-1170838 we extended the 2920 target to 3120 area, as long as the above-mentioned support holds.
The support has held since the S&P500 has bounced back after reaching as 2550 (SPX500; CFD of S&P500) and is currently trading at 2693, however, based on our latest calculations we would like to scale back our target from 3120 to 2890 area as risk aversion fades after limited western strikes on Syria and as China signaled flexibility in trade dispute. However, we would like to warn that the bears are still at large and might strike back at a higher rate under suitable conditions.
