The S&P 500 smashed all major moving averages, which usually serve as a kind of reliable resistance - at least in the short term - within one day...impressive!! Now the S&P is facing 4 major short and mid term trendlines above.
What supports my bullishness is the high volume we saw today (follow through day?), the MACD which is about to cross to the upside and the negative divergence between the MACD and the index we already saw a couple of weeks ago. Since we already passed the 61.8 retracement I actually expect a couple of quiet days to the downside.
What supports my bullishness is the high volume we saw today (follow through day?), the MACD which is about to cross to the upside and the negative divergence between the MACD and the index we already saw a couple of weeks ago. Since we already passed the 61.8 retracement I actually expect a couple of quiet days to the downside.
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