Tuesday 22 November 2016

S&P 500 Resistance breakout, at last!

S&P 500 breaking into new high ground!

What a rally we have had over the last few weeks after the S&P rebounded from cloud support, and broke past cloud resistance with gusto. S&P 500 broke past old significant resistance high. Could argue that the index now broken out of a multi month consolidation base.

Critical now for the inex to test this resistance as a new support zone going into the year end rally. Watching the 2193 level as a new support sone. S&P 500 index needs to follow through now with this level as new support zone. Downside risk remains if support fails at these levels!

I am watching closely to see if the 2193/2175 will be a consolidation support range going into the year end!

Happy trading, Regards Richard Muller.

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