Will The S&P Bounce Off Support To New All-Time Highs?

It is no secret that the stock market has recovered well following the huge declines in the markets
and the S&P is a good example of this recovery. From March, earlier this year, price has climbed 57%
from $2191 to its current price.

On August 24th, price successfully broke above the previous all-time high set at $3393. This high was
created on February 19th 2020. We expected to see price retest $3393 as it is a major level of support.
Price had other ideas and actually moved below this level, only to return above it on October 5th.

No matter what you expect price to do, it will continuously surprise you which is why we have to
be open to different outcomes.

Price is now back above $3393 but is pulling back and may come down to this level again to use as
support along with the 50 simple moving average.

As long as price can find some form of support, we eventually want to see price move towards the
current all-time high at $3588 and beyond. As the overall market remains bullish, we continue to seek
high probability opportunities in the stock market.

See below for more information on our trading techniques.

As always, keep it simple, keep it Sublime.