deltafox

Stairway to Heaven or Hell?

FX:SPX500   S&P 500 Index
I'd like to see some follow through here with more bulls coming in after the first pullback. The major hurdle will be the 1950 region (if we even get there). Long term trendlines are strong and price can zip in an out retesting levels. You may not be looking at the trendline I've marked in but other traders (Retail, Institutional/Algo/HFT) might be. There are also many more (not seen on this chart). Will this be the final rally to heaven? No one knows but everything recently points to higher ground ahead ( bullish wicks can also be seen on the weekly charts).

Remember, bullish sentiment has been slapped in the face so the bulls will tread more cautiously this time around. Shorts will be eyeing a prime entry opportunity higher and most certainly at higher fibs (and/or trendline resistance) if price gets there too quickly.
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