The S&P 500 broke above the previous all-time high at $3950 this week but has since declined back down
below this level. This is proving to be a strong level of resistance, and if you couple this with the $4000
round number above, then we have a strong hurdle which price may have difficulty breaking through.
The overall trend remains bullish, and the 20 & 50 simple moving averages continue to push price higher
but we need to pay attention to how price reacts to this cluster of resistance as we advance.
There is a clear pattern of higher highs and higher lows, so if price breaks and closes below a recent low,
then we may start to see a deeper decline. As for now, we can expect the moving averages to support price.
Should price break above the $4000 round number, we can expect to see the 12-year bull trend continue on its way.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
below this level. This is proving to be a strong level of resistance, and if you couple this with the $4000
round number above, then we have a strong hurdle which price may have difficulty breaking through.
The overall trend remains bullish, and the 20 & 50 simple moving averages continue to push price higher
but we need to pay attention to how price reacts to this cluster of resistance as we advance.
There is a clear pattern of higher highs and higher lows, so if price breaks and closes below a recent low,
then we may start to see a deeper decline. As for now, we can expect the moving averages to support price.
Should price break above the $4000 round number, we can expect to see the 12-year bull trend continue on its way.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
