S&P Index SPX500: Needs to break above 2588 S&P 500 Index SPX500 Weekly Update
in Short-term Needs to break and hold above 2588 to keep upside momentum and
avert sideways/mildly down movement toward parallel
Continues to grind upwards, averaging 10 points per week,
and trampling every bear in it's wake, guided by a massive
secondary impulse wave since the summer doldrum lows at
2416. No way can any sane bear consider grabbing this
rambling bull by the horns - it's not exactly rampaging, but it
could do for a couple of days once minor resistance at 2588 is
broken.
All is good for the SandP so long as it stays within the parallels
- any test the lower parallel is still a buying opportunity with
stops underneath it. Still believe, this index will hit 10,000
within 15 years maximum from here.
At some point the S&P will break the lower parallel and
create a decent tradeable correction...until that happens stay
long, if a long term holder.
In very near term however it really needs to find some
momentum here to break above 2588 and hold here
or above on the next minor pull-back (ideal entry point for
more long positions) - to avoid drifting sideways to the
parallel, where it becomes a buy again, as above.
Key support levels are shown on chart. As usual, a break
below any listed level should led to a quite a fast test of the
next. The dynamic/moving support lines carry more heft and
power than fixed/static lines of support, usually, with points
of maximum impact often where two types meet, as at 2541
and 2564.
