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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.