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.
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.
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