S&P Bull Trend Still Intact
The S&P 500 started off the year volatile but we are starting to see price
organise itself with the aid of the weekly 50 simple moving average.
The last time price came into contact with the 50sma was in June 2020,
near the start of the current bullish rally.
It wasn’t a surprise to see price run out of steam as it had been such a
strong run. We identified multiple levels of support that price could come
down to and you can see that the 50sma has held well.
Price has traded below the weekly 50sma in the recent pullback but has
not closed below it which is a good sign that this indicator is acting as a
strong level of support.
Price is looking bullish so far this week so we want to continue to see
bullish momentum and a continuation to the upside.
We are holding back from entering any new positions until we have clear
signs that there is strength in the market once again.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
organise itself with the aid of the weekly 50 simple moving average.
The last time price came into contact with the 50sma was in June 2020,
near the start of the current bullish rally.
It wasn’t a surprise to see price run out of steam as it had been such a
strong run. We identified multiple levels of support that price could come
down to and you can see that the 50sma has held well.
Price has traded below the weekly 50sma in the recent pullback but has
not closed below it which is a good sign that this indicator is acting as a
strong level of support.
Price is looking bullish so far this week so we want to continue to see
bullish momentum and a continuation to the upside.
We are holding back from entering any new positions until we have clear
signs that there is strength in the market once again.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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