S&P 500, looks extended but it's about to break out
The market broke through the last high but lots of bullish volume leaders in the stock market have yet to move up from their pullbacks. Large companies like Apple and Tesla took market cap but the smaller stocks that yield higher gains haven't moved. If you look at the RSI on this trend you can see that it hasn't gone up nearly what you'd expect it to for the prolonged rise in the market. I think it's going to keep rising and it's going to close the gap on the 30 week moving average sideways instead of dropping on it. Go ahead and look at the SPGI, it has not broken through it's previous high yet and it's indicators are bullish. The global market will contribute on the rise of the S&P 500.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.