In the previous post on the S&P 500, price appeared to be moving fast towards the
all-time high at $4238, but it has taken longer than expected to get there.
The pullback has turned into consolidation but used the 20 simple moving average
as support, which did help price move higher towards the end of last week.
The monthly candle for May closed with an indecision candle, suggesting a potential
reversal/pullback, but price is looking strong so far this month.
The fact that rice pulled back last week and bounced off the 20sma gives us the
confidence that the uptrend is likely to continue, but a break and close above
the all-time high will confirm this.
Friday’s candle closed with a solid bullish candle and price is now just 9 points
away from breaking out. If the bullish momentum flows into next week, then
we should get that breakout we are waiting for.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
all-time high at $4238, but it has taken longer than expected to get there.
The pullback has turned into consolidation but used the 20 simple moving average
as support, which did help price move higher towards the end of last week.
The monthly candle for May closed with an indecision candle, suggesting a potential
reversal/pullback, but price is looking strong so far this month.
The fact that rice pulled back last week and bounced off the 20sma gives us the
confidence that the uptrend is likely to continue, but a break and close above
the all-time high will confirm this.
Friday’s candle closed with a solid bullish candle and price is now just 9 points
away from breaking out. If the bullish momentum flows into next week, then
we should get that breakout we are waiting for.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
