S&P Very Close To The All-Time High
The S&P 500 made a sharp reversal following the 35% huge declines we experienced as a result of
the global pandemic. From the lows in March of this year, price has moved up 52% and still climbing.
Since price moved back above the 20 simple moving average on July 1st, the 20sma has been used
as support which is a good indication of a strong linear trend.
Momentum is increasing as price approaches the current all-time high which is at $3393 and created
on February 2020. This is definitely what we want to see as price moves towards a major level of resistance.
Anything can happen going forward. Price may break straight through $3393, or it may act as an obstacle
and force price back in the opposite direction.
We are treading with caution and will only be confident about taking long opportunities when new
all-time highs are created.
At the time of writing, price is less than 50 points away from the all-time high, so contact may happen
in the next few days or weeks. These are interesting times ahead and we might be in store for more
trends through the rest of the year.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
the global pandemic. From the lows in March of this year, price has moved up 52% and still climbing.
Since price moved back above the 20 simple moving average on July 1st, the 20sma has been used
as support which is a good indication of a strong linear trend.
Momentum is increasing as price approaches the current all-time high which is at $3393 and created
on February 2020. This is definitely what we want to see as price moves towards a major level of resistance.
Anything can happen going forward. Price may break straight through $3393, or it may act as an obstacle
and force price back in the opposite direction.
We are treading with caution and will only be confident about taking long opportunities when new
all-time highs are created.
At the time of writing, price is less than 50 points away from the all-time high, so contact may happen
in the next few days or weeks. These are interesting times ahead and we might be in store for more
trends through the rest of the year.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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