S&P Bouncing Higher!
After such a rocky start to the year, the S&P appears to be finding its feet and
getting a grip using the daily 200 simple moving average.
Price declined by 35% from February 2020 but quickly recovered once price found
support in March at a low of $2191.
The recovery took price to a high of $3233 on June 8th 2020 before the expected pullback
took place and brought price down to the cluster of support at the 200 simple moving average,
the $3000 round number and the resistance turned support created from the high of July 26th 2019.
A few days later price started to find strength only to see another move back down to support.
Again, we are seeing a bounce from support and we want to see price continue to create higher
highs and higher lows.
Price appears to be in a mini period of consolidation from the July 26th 2019 high but a break above
that high at $3233 will confirm a continuation to the upside.
As the overall 11-year trend is still bullish, the bias is for a continuation of the bull trend.
Ultimately we want to see the all-time high broken at $3393 and then we should see a trend
emerge in the markets.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
getting a grip using the daily 200 simple moving average.
Price declined by 35% from February 2020 but quickly recovered once price found
support in March at a low of $2191.
The recovery took price to a high of $3233 on June 8th 2020 before the expected pullback
took place and brought price down to the cluster of support at the 200 simple moving average,
the $3000 round number and the resistance turned support created from the high of July 26th 2019.
A few days later price started to find strength only to see another move back down to support.
Again, we are seeing a bounce from support and we want to see price continue to create higher
highs and higher lows.
Price appears to be in a mini period of consolidation from the July 26th 2019 high but a break above
that high at $3233 will confirm a continuation to the upside.
As the overall 11-year trend is still bullish, the bias is for a continuation of the bull trend.
Ultimately we want to see the all-time high broken at $3393 and then we should see a trend
emerge in the markets.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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