Since the beginning of the year the US Index increased 14.80% but last week closed with a minor loss of almost 0.2% and remains in a bullish phase since late-August. Last week the index initially fell with a wide range but found enough support near the 10 week moving average to erase most of its losses and managed to close near the high of the week, however closed within the previous week range, which suggests being slightly on the bullish side of neutral. Stochastic is showing an extreme overbought market and is beginning to display a shy bearish momentum. Expecting an upward move to a Fibonacci extension at 2,694.26 (scenario 1) on the break above 2017 high at 2,594.25 however a break below the 10-week moving average at 2,555.25 may set in motion profit taking down to the lower channel at 2,516.65 (scenario 2).