The S&P edges closer to the current all-time high at $3393 from February 2020.
Since March, following the declines triggered by the recent global pandemic, price has been forming higher highs and higher lows.
Price did experience a mini period of consolidation from June 8th 2020 to July 20th 2020 where price broke out of consolidation.
However, on Friday price reentered consolidation and formed an indecision candle. We do now want to see a swift move back out of consolidation and towards the all-time high and beyond.
If price decides to decline further, then we have the 20sma below price.
At the moment the overall trend is still up, which is why we are pretty much still bullish in UK and US stocks and we are also now bullish in Gold with our recent initial position now in profit.
The markets are currently looking strong despite the fact that we are now in the summer holidays where there is typically less activity so we will continue to enter into high probability investments.
See below for more information on our trading techniques.