S&P 500 Making Record Highs!
The S&P 500 has hit a record high with price finally breaking through the previous all-time
high which was set at $3,028.
With price making a new high of $3,044 we may see new records being hit
with the emergence of a bullish trend.
The first attempt at breaking through the previous all-time high on September 19th 2019 failed,
which then saw price retreat to find support between the daily 20 & 50 simple moving averages.
The second attempt brought more buyers to the battle and they have successfully pushed
price straight through the major resistance formed by the previous all-time high, which is now support.
Price does tend to fill the gaps, so it shouldn't come as a surprise to us if we experience a pullback.
Price may also pull back to retest support which was previously a resistance level and then bounce back to the upside.
We also have to keep in mind that the sellers may force price back into the consolidation period
which lasted for 3 months from July 26th 2019 to October 28th 2019.
If price does return back into conolidation then it could end up going sideways for a while longer
and we would just have to wait for the next breakout.
Looking at how things are now, the S&P 500 is bullish and we will be looking for long trading
opportunities again in both the US and UK stock markets.
Based on historical data, the trends usually start to emerge during October so it’s quite timely to
see a breakout in the S&P 500 in the final days of October 2019 and we will hopefully be seeing further breakouts.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
high which was set at $3,028.
With price making a new high of $3,044 we may see new records being hit
with the emergence of a bullish trend.
The first attempt at breaking through the previous all-time high on September 19th 2019 failed,
which then saw price retreat to find support between the daily 20 & 50 simple moving averages.
The second attempt brought more buyers to the battle and they have successfully pushed
price straight through the major resistance formed by the previous all-time high, which is now support.
Price does tend to fill the gaps, so it shouldn't come as a surprise to us if we experience a pullback.
Price may also pull back to retest support which was previously a resistance level and then bounce back to the upside.
We also have to keep in mind that the sellers may force price back into the consolidation period
which lasted for 3 months from July 26th 2019 to October 28th 2019.
If price does return back into conolidation then it could end up going sideways for a while longer
and we would just have to wait for the next breakout.
Looking at how things are now, the S&P 500 is bullish and we will be looking for long trading
opportunities again in both the US and UK stock markets.
Based on historical data, the trends usually start to emerge during October so it’s quite timely to
see a breakout in the S&P 500 in the final days of October 2019 and we will hopefully be seeing further breakouts.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
Join Our Private Community
bit.ly/join-ST-community
Plus Get Our Ultimate Stock Market Blueprint.
bit.ly/join-ST-community
Plus Get Our Ultimate Stock Market Blueprint.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.