Will the S&P Break Out This Week?
The S&P 500 is progressing well and after bouncing off the 50 simple moving average last week.
The 20 simple moving average appeared to be acting as temporary support, but today we can
see price is above this indicator.
As mentioned in previous posts, we have support levels in the form of the 20 and the 50 simple
moving averages and the $4000 round number, which is a psychological support zone.
This recent pullback does appear to be a mini period of consolidation, but this should not
matter as long as the trend continues.
We are now waiting for a break and close above the current all-time high at $4238, which was
created on May 7th, a few days ago. A close above this level will confirm the buyers are in
command and should be set to push price higher.
As long as the moving averages continue to act as a ladder, helping price climb to the upside,
we should see record highs continuing to be made through the rest of the year.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
The 20 simple moving average appeared to be acting as temporary support, but today we can
see price is above this indicator.
As mentioned in previous posts, we have support levels in the form of the 20 and the 50 simple
moving averages and the $4000 round number, which is a psychological support zone.
This recent pullback does appear to be a mini period of consolidation, but this should not
matter as long as the trend continues.
We are now waiting for a break and close above the current all-time high at $4238, which was
created on May 7th, a few days ago. A close above this level will confirm the buyers are in
command and should be set to push price higher.
As long as the moving averages continue to act as a ladder, helping price climb to the upside,
we should see record highs continuing to be made through the rest of the year.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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