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.
Dec 01, 21 09:24 AM
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.
Dec 01, 21 05:20 AM
Here are a list of stocks that are at their 50 MA and 200 MA. The 50 day moving average and 200 day moving average can be a support area where stocks bounce off
Dec 01, 21 03:40 AM
How will the US stock market work in December? Will there be a rebound? Will the stock market continue to go higher?
Nov 30, 21 09:11 AM
Are the markets going to continue to move higher? Is it in an uptrend or downtrend and where are the support and resistance?
Nov 30, 21 06:07 AM
In this stock chart lesson, we will learn how LAC rose from $13 to $40. We will study the chart pattern and the technicals.