Its a waiting game as the S&P 500 trades sideways for the time being after a rally.
The chart below tells us that the bulls are a bit tired but they are not completely exhausted yet. Perhaps some resting before it breaks higher.
As you can see from the chart above, the S&P 500 had a nice rally up. But for the past week we experience some slowing down in momentum. The sideways trading is perhaps a bit boring but it does happen at a support area. Which I believe if the S&P 500 continues to trade above this support area, it will eventually breakout higher.
Also notice how the index is making higher lows and higher highs. A large ascending triangle is also visible if you look carefully suggesting a possible bullish continuation in the longer term for the S&P 500.
The 200 MA is also chugging higher and this suggests that the long term trend for the S&P 500 is still up.
Jul 30, 21 09:54 AM
Take a look at the various charts of the stock market for the month of July. Interesting to note that the uptrend is still intact.
Mar 23, 21 08:25 AM
This week let us take a look at the SPX and TSLA. See what we can learn from their charts.
Mar 19, 21 05:24 AM
In this week we will have a look at Bitcoin, ETN and MAT, SPX and QQQ and see what we can learn from its chart.
Mar 09, 21 08:33 AM
In this week's lesson, let's take a look at bitcoin and makita.
Mar 03, 21 09:48 AM
In this week we will take a look at BRX and KIM and see what we can learn from the charts.