The S&P has started off August with good momentum, opening for the day with a gap up candle
and edging ever closer to the all-time high at $3393 from the February 19th 2020 high.
The pattern of higher highs and higher lows is evident when looking at the daily timeframe,
from the March 23rd 2020 low. If the momentum continues to build then price should make light work
of the all-time high but if not then it may just take a bit of time for price to eventually break through this level.
July’s candle broke and closed above last year’s high, which is something that price has not been able to
do this whole year. This is significant because it gives us an indication that there is potential for the
trend to continue on for a while.
Price has now risen 50% since the decline caused by the global pandemic which is the type of recovery
we want to see following that 35% decline we experienced in the space of just a month.
With the aid of the 20 simple moving average being used as support, we should see this strong linear
continue to create record highs. Many more opportunities in stocks should start to present themselves as a result.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
and edging ever closer to the all-time high at $3393 from the February 19th 2020 high.
The pattern of higher highs and higher lows is evident when looking at the daily timeframe,
from the March 23rd 2020 low. If the momentum continues to build then price should make light work
of the all-time high but if not then it may just take a bit of time for price to eventually break through this level.
July’s candle broke and closed above last year’s high, which is something that price has not been able to
do this whole year. This is significant because it gives us an indication that there is potential for the
trend to continue on for a while.
Price has now risen 50% since the decline caused by the global pandemic which is the type of recovery
we want to see following that 35% decline we experienced in the space of just a month.
With the aid of the 20 simple moving average being used as support, we should see this strong linear
continue to create record highs. Many more opportunities in stocks should start to present themselves as a result.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
