S&P 500 Fake Breakout!

Last week's previous post for the S&P 500, the all-time high at $4718 was highlighted
as the level we want to see broken to confirm a trend continuation.

Price did in fact break this level on November 22nd, but this proved to be a fake
breakout. Price moved above $4718 but failed to close above this price.

We can see a mini consolidation in play now, and just below we have the
20 simple moving average.

The 20sma appears to be holding price up for now and providing a level of
support. We now want this to be followed by a bounce and another attempt
at the $4718 resistance level.

As a new high was created during the fake breakout, we now need to see
a break and close above $4743 to confirm a trend continuation.

The overall trend remains bullish, so we are anticipating a breakout to
the upside sooner or later.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.