Sunday, July 10, 2016

SPX towards All Time Highs

After Brexit we expected SPX to move towards 1870 and then rebound above 2000.However SPX had a shallower and short lived retrace to 1980.Bears lost a chance to lead SPX much lower.But where do we stand right now?
Currently SPX lies above support (both in daily and weekly charts) with no signs of weakness and just below All time highs.The short-lived downmove of SPX after Brexit resulted in a ST buy signal at 2050 

Probably SPX will make new ATH soon.
Bulls congratulations!