COVID Vaccination Or US Election - What Pushed The S&P?
With news of a new vaccine and the election of a new US president, it is unclear what actually pushed
the S&P 500 to new all-time highs. However, what is clear is that we are seeing the potential for the
beginning of long-term bullish trends.
Prior to gapping up on Monday, price was in consolidation so we were waiting for a breakout to confirm
where price is likely to go next.
Despite breaking out on Monday, price failed to close outside of the consolidation zone. This fake breakout
may be followed by price moving sideways for some time.
What we want to see next is a bounce from a support level then a retest of resistance. We want the
momentum to eventually push price above the current all-time high at $3645.
Below price we have the 20sma, 50sma and a previous all-time high at $3393 around the same zone.
This cluster of support may be strong enough to hold price from declining further if it does come to this level.
The markets are still bullish so we will continue to look for opportunities in strong trending stocks so keep
an eye on our posts for all the latest breakouts.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
the S&P 500 to new all-time highs. However, what is clear is that we are seeing the potential for the
beginning of long-term bullish trends.
Prior to gapping up on Monday, price was in consolidation so we were waiting for a breakout to confirm
where price is likely to go next.
Despite breaking out on Monday, price failed to close outside of the consolidation zone. This fake breakout
may be followed by price moving sideways for some time.
What we want to see next is a bounce from a support level then a retest of resistance. We want the
momentum to eventually push price above the current all-time high at $3645.
Below price we have the 20sma, 50sma and a previous all-time high at $3393 around the same zone.
This cluster of support may be strong enough to hold price from declining further if it does come to this level.
The markets are still bullish so we will continue to look for opportunities in strong trending stocks so keep
an eye on our posts for all the latest breakouts.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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