S&P has a great going today. It broke out the resistance of 1294. Since Aug 01 this is the highest level in S&P; something to happy about for now. Next resistance level is at 1304 level but If we go higher with volume I don't see any problem breaking that level. It may take days to break that level.
Major stocks didn't have good closing today. I didn't get excited about the volume as well. Most major stocks ended up in the negative territory but with less volume which is not really bad situation. Good breakout would have been with major stocks ended up in positive territory. Looking at the recent action, one can give benefit of doubt towards bullish side.
Until S&P closes below previous breakout level of 1264 I am bullish with this market (We still have little support at 1274 and we can analyze at that moment if S&P comes down to that level). I would not be surprised if we may see consolidation for day or two.....before setting direction in S&P
Major stocks didn't have good closing today. I didn't get excited about the volume as well. Most major stocks ended up in the negative territory but with less volume which is not really bad situation. Good breakout would have been with major stocks ended up in positive territory. Looking at the recent action, one can give benefit of doubt towards bullish side.
Until S&P closes below previous breakout level of 1264 I am bullish with this market (We still have little support at 1274 and we can analyze at that moment if S&P comes down to that level). I would not be surprised if we may see consolidation for day or two.....before setting direction in S&P
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