S&P bulls amazing coming back
Last week, buyers continued to surprise by maintaining the impressive rally that began on Monday, the 5th. Observing the daily chart, we can see that for 10 consecutive days, the price has been setting new highs, never falling below the previous day's low. As of today (Monday, the 19th), the bulls have retraced 80% of the last bearish wave. It's also notable that buying occurred across all major S&P sectors, not just in a few big names.
Here is the current market disposition:
1. The market is in a weekly uptrend, with a new major low officially confirmed at 510.
2. On the daily chart, we see a beautiful stairstep pattern.
3. The only technical resistance above is July’s high of 565, but given the rally's momentum, it is likely to be surpassed.
The long-term outlook is unequivocally bullish. The short-term outlook is also bullish, as long as the daily stairstep pattern remains intact.
For short traders, it is advisable to refrain from trying to catch the top. The current momentum is so strong that it could easily break all technical resistances. The only situation where I would consider cautious shorting is at the daily stairstep pattern break.
Here is the current market disposition:
1. The market is in a weekly uptrend, with a new major low officially confirmed at 510.
2. On the daily chart, we see a beautiful stairstep pattern.
3. The only technical resistance above is July’s high of 565, but given the rally's momentum, it is likely to be surpassed.
The long-term outlook is unequivocally bullish. The short-term outlook is also bullish, as long as the daily stairstep pattern remains intact.
For short traders, it is advisable to refrain from trying to catch the top. The current momentum is so strong that it could easily break all technical resistances. The only situation where I would consider cautious shorting is at the daily stairstep pattern break.
Not
Another powerful trend dayNot
Very choppy day within a narrow range. Notably, buyers were able to set new high (not great but still) while sellers were not able to retrace even half of the previous day move.Not
Sellers made a few futile attempts to drive price down but they have not accompished much. Day closed strong and despite of seeming weakness it is still bull's game.
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