On 02/15/19 the SPX spent most of the trading day in a narrow range and moved above the range late in the day.
The SPX made its high of the day at the close, almost all of the time when a stock index closes at or near the high of the day there's
upside follow through for at least one trading day. Additionally 02/15/19 was a Friday before a three - day weekend. Apparently traders weren't concerned
about event risk.
Since 01/18/19 the SPX has been in a parallel trend channel. On 02/19/19 watch to see if the SPX can break above the upper trend line which on 02/19/19 is around 2785.
A break above this level could open the door for a move up to the next resistance area which is the double top at 2815. Just above 2815 is the logical place for the bears to place
stop buy loss orders. If these buy orders are hit it could trigger more upside action.
It's possible the SPX could be trading around 2840 to 2860 in just a few trading days.
Mark
The SPX made its high of the day at the close, almost all of the time when a stock index closes at or near the high of the day there's
upside follow through for at least one trading day. Additionally 02/15/19 was a Friday before a three - day weekend. Apparently traders weren't concerned
about event risk.
Since 01/18/19 the SPX has been in a parallel trend channel. On 02/19/19 watch to see if the SPX can break above the upper trend line which on 02/19/19 is around 2785.
A break above this level could open the door for a move up to the next resistance area which is the double top at 2815. Just above 2815 is the logical place for the bears to place
stop buy loss orders. If these buy orders are hit it could trigger more upside action.
It's possible the SPX could be trading around 2840 to 2860 in just a few trading days.
Mark