SPX penetrated the range boundary again but closed within the range, marked as a pink rectangular box.
Though we anticipated a sideways move the SPX made a higher high today. It is likely that the up move will continue and we may see a new high soon.
In the weekly chart, we got a perfect long-legged candle. From an auction theory perspective, represents indecision on the side of both buyers and sellers.
It may also be a time when buyers or sellers are gaining momentum for a continuation trend.
We anticipate by reading the price action that the uptrend is likely to continue by making higher lows and higher highs.
Have A Great Weekend!