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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.
Jan 18, 21 10:34 AM
New chart lesson for the 3rd week of January 2021. Hope you can benefit from this.
Jan 04, 21 11:30 AM
In this week's chart lessons, we will have a look at bitcoin and other charts.
Dec 29, 20 07:47 AM
We should continue to be bullish on the S&P 500 as a weekly bottoming tail forms in this uptrend.
Dec 22, 20 09:27 AM
The SPX is still in a nice bullish uptrend, with it staying above the rising 20 MA and 50 MA.
Dec 15, 20 09:53 AM
December 14 2020 will go down in history as one of those moments where 2 sets of electors emerge for swing states in the US Presidential Election.