Of late, we have seen price action on the S&P 500 consolidate around all-time highs of 6,290 and is on track to form a small ascending triangle. The nearest support to note resides at the 1W level of 6,121, closely shadowed by a 1M support from 6,040.
Based on the current technical picture, this clearly remains a buyers’ market.
- FP Markets Research Team
Based on the current technical picture, this clearly remains a buyers’ market.
- FP Markets Research Team
Note
The team recently looked at the S&P 500 and highlighted that the major Stock market Index hit fresh all-time highs of 6,302. We also noted a possible ascending triangle forming around said highs, which, as you can see, experienced an initial fakeout to the upside on Tuesday, followed by a fakeout to the downside yesterday. While recent price action invalidates the pattern, it does show that buyers are strong at this level, following the sizeable lower candle wick yesterday. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.