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.
May 05, 22 10:24 AM
What is the market doing and what is it likely to do?
Apr 27, 22 09:01 AM
As we enter April, will we continue to move higher or will there be a correction coming?
Apr 13, 22 11:46 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.
Apr 12, 22 09:38 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
Apr 12, 22 09:34 AM
Here are a list of stocks that have broke out or about to break out. Breakout stocks can often give us a good reward to risk ratio.