S&P Breakout or Fakeout?

Updated

S&P broke above resistance trend line of the down channel yesterday. Is this a breakout with more upside or a fakeout? Trading rules say we should look for a test of the trend line before confirmation of the breakout. Market really wants to put 2022 in the rearview mirror, but let's see what happens.

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Here is a look at SPX500 that also contains extended hours trading, and you can see that price still has not breached the trend line and is testing it now.

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Pretty good day

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This is what it looks like on the extend hours SPX500.

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