S&P Resting Before The Next Big Move?
The S&P 500 looks set to repeat the trend which unfolded last November.
Back then price formed an area of consolidation from September and this
also occurred this September as well.
When we notice patterns in the market, we need to pay attention because
it will provide us with an advantage and give us an edge that could prove
very profitable.
Following the area of consolidation between September and October,
price formed an inverted head and shoulders pattern which is a trend
continuation pattern. And as we can see, the trend has continued
to climb higher.
Since breaking out of consolidation above $4545 on October 25th,
price continued to head up with a clean move, so we expected
to see a pullback sooner or later.
Price has now started to pull back after forming a new all-time
high at $4718. The levels of support below price are the
20 simple moving average at $4586, and then we have the
resistance turned support at $4545. The 50 simple moving average
is also below that, just in case we see a deeper pullback.
As for now, the market is bullish overall, and we are anticipating
a bull trend continuation. Our stocks are currently performing well,
and we are looking for compounding opportunities.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
Back then price formed an area of consolidation from September and this
also occurred this September as well.
When we notice patterns in the market, we need to pay attention because
it will provide us with an advantage and give us an edge that could prove
very profitable.
Following the area of consolidation between September and October,
price formed an inverted head and shoulders pattern which is a trend
continuation pattern. And as we can see, the trend has continued
to climb higher.
Since breaking out of consolidation above $4545 on October 25th,
price continued to head up with a clean move, so we expected
to see a pullback sooner or later.
Price has now started to pull back after forming a new all-time
high at $4718. The levels of support below price are the
20 simple moving average at $4586, and then we have the
resistance turned support at $4545. The 50 simple moving average
is also below that, just in case we see a deeper pullback.
As for now, the market is bullish overall, and we are anticipating
a bull trend continuation. Our stocks are currently performing well,
and we are looking for compounding opportunities.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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