S&P 500 Still Consolidating At Support And Waiting For A Breakout

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.

  • If you like this article, consider starting the Stock Market Course. It is free and jam packed with great information for newbies.
  • Want to have updates on the financial markets? Join my Telegram Channel. Dstockmarket Chat Group
  • Help support this page and press the Facebook Like button below. Thanks!

Join Dstockmarket's Facebook Page 

Recent Articles

  1. Technical Analysis Of US Market And Stocks March 2019

    Mar 18, 19 09:23 AM

    Analysis of what is going on in US stock market as well as highlights of some stocks that are forming significant patterns.

    Read More

  2. Technical Analysis Of AAPL : Making Sense Of Apple's Stock Price

    Mar 15, 19 01:07 PM

    Apple is one of those stocks that we should look at almost every day. The reasons is because it is a component of the Dow Jones, the S&P 500 and the Nasdaq Composite. If Apple does well, it will be go…

    Read More

  3. Technical Analysis Of Bahvest (Borneo Aqua Harvest)

    Mar 15, 19 12:59 PM

    Technical analysis and trend analysis of Bahvest stock price. Borneo Aqua Harvest.

    Read More

  4. Technical Analysis Of Dayang

    Mar 15, 19 08:40 AM

    So a friend asked me if Dayang will continue to go up. I guess many are wondering the same question as well. So let's take a look at what the charts are saying.

    Read More

  5. Technical Analysis Of WTK Holdings

    Mar 15, 19 08:30 AM

    Let us take a look at the technical outlook and charts of WTK Holdings.

    Read More

New! Comments

Have your say about what you just read! Leave me a comment in the box below.