S&P Is Up And Away!
The S&P is off to a flying end of the year and if the momentum continues to push price skywards,
then we may even see a bull trend through 2021.
Price went into consolidation from September 2nd and created a fake breakout on November 9th
as it attempted to break out for the first time.
Then again on November 16th, price gapped up and broke out of consolidation and because of the
momentum, price appeared to be on its way up and remain out of consolidation. This optimism was
shortlived when price reentered back into the consolidation zone.
On the third attempt on November 24th, price broke out once again and has since remained out of
that zone and appears to be forming a linear move to the upside so far.
We now want to see a pullback to a level of support and a break and close above a previous high to
confirm we are in a bull market and this should give us the confidence that the trend will continue.
The 20 simple moving average is just below price and if that can hold as support then we should
see a linear trend develop.
We are long in both UK and US stocks and will remain that way unless the S&P indicates the trend is over.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
then we may even see a bull trend through 2021.
Price went into consolidation from September 2nd and created a fake breakout on November 9th
as it attempted to break out for the first time.
Then again on November 16th, price gapped up and broke out of consolidation and because of the
momentum, price appeared to be on its way up and remain out of consolidation. This optimism was
shortlived when price reentered back into the consolidation zone.
On the third attempt on November 24th, price broke out once again and has since remained out of
that zone and appears to be forming a linear move to the upside so far.
We now want to see a pullback to a level of support and a break and close above a previous high to
confirm we are in a bull market and this should give us the confidence that the trend will continue.
The 20 simple moving average is just below price and if that can hold as support then we should
see a linear trend develop.
We are long in both UK and US stocks and will remain that way unless the S&P indicates the trend is over.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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