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