Always consider hidden risks
SP500 Index: Break Out ?
May 15 ( From Tradeview )
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We have been in one of the most Bullish Stock Market in history
since 2009.The Mighty SP500 Index from a low in March 2009
of 666.79 to the closing on May 14 2015 at 2121.10 rose by a
of 3.18 spurred by low interest rates and strong buybacks
SP500 Index: Finally a Break Out ?
We finally broke on May 14 a Major Daily Resistance Trendline from
an Ascending Triangle Pattern at 2113.5 that started on February 25.
( Top Red Trendline - Chart Below - Ellipse )
For me, to be consider as a Real Break OUT, we should not close
back below that Trendline ( now Major Support ) for today at 2112.5.
Failing to do so will be consider a Failed Break Out.
Take note that we already broke on the upside on May 8 the 20 DMA then at 2101.5 and the 50 DMA then at 2089.1, a godd technicals sigh indeed back then. ( See chart Below - 20 DMA - Yellow Line - 50 DMA - Red Line )
Next Real Technical Challenge will be at the 2165 level from a Major Resistance Trendline that started back on April 2011. ( See second Weekly chart Below - SP500 Daily - Top Red Trendline - Ellipse )
"Chance favors the prepared mind."
SP500 Index: Break Out $SPY, $SPX, $ES_F #Trading #Investing #SP500 #stocks
SP500 Index Daily ( Candles )
SP500 20 day moving average ( Yellow Line )
SP500 50 day moving average ( Red Line )
SP500 Index Weekly ( Candles )