At the end of last week, price finished with a gap up signalling that the buyers were taking back control and we have seen the bullish momentum continue into this week so far.
We are seeing similar price behaviour as the 2017 bullish trends and if history is to repeat itself then we could be in store for a profitable 2020.
From the October 3rd low, price has since moved up over 9% which is an additional 1% from last week. Progress is being made slowly but surely and indicates that the markets are still in the beginning stages of a bull trend. We are in the period where trend cycles begin which is usually around October/November and as we are approaching December, we may be in store for a Christmas Rally.
If we experience a pullback going forward then the first obvious level is the 20 simple moving average. Followed by that we have the support in the form of the previous all-time high as $3,028 and below that is the 50 simple moving average and the $3,000 round number psychological support zone.
Now that the S&P 500 is on the move, we want to identify stocks that are outperforming the Indice which you can find in the links to our sites below. Keep up to date with current market events as you don’t want to miss out on a potential bullish year of trends.
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When it's broken down, it's much simpler to swallow. Fluctuating rallies of 25%, 10%, 7% and 9%. Going in the right direction. Due for a PB based on recent history. Two steps forward, one step back...that's still progress in my book. Christmas is starting to look interesting. Thanks for the update.
Sublime_Trading
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@j1nx7ek, thanks for the comment and indeed, given the way the SPX is moving, we may be blessed with a Santa Claus rally. Applying patience and letting price dictate is always the best way forward.