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Buying festival continues.

ByAlpari Research & Analysis
AuthorTomasz Wisniewski
Published 09/18/2017, 06:07 AM

SP500 opens this week on all time highs. Are we surprised? No. Should we be surprised? Still no. Last time we wrote about the SP500 at the end of August, ahead of the NFP data. In our analysis for Investing.com, which was written when the price was around 2460 points, we concluded that:


“SP500 is advancing higher using the iH&S formation and the breakout from the bullish flag. The way for the new all time highs is open. “


Let's see if the scenario for the SP500 is still optimistic and what is the technical situation for this instrument right now. Since our last analysis, the index continues to move very technically. First we bounced of the horizontal resistance on the 2482, then came back to the support on the 2455, bounced again and from that point the new mid-term bullish wave started. The price climbed higher every day almost without any pause. One correction was made at the end of the last week but it was very flat and shaped like a rectangle (orange lines), so rather a strong continuation pattern. Remarkably, the upper line of this rectangle was just 1 point below the psychological barrier of 2500 points. Another milestone was reached and the level which in the past seemed like an impossible target is now a support.


What is the future? I think that even the toughest bears on the market that are left here (are there any?) have no arguments in their favour. The price is on all time highs and is still pushing higher. There are no bearish candlestick or technical patterns whatsoever. That is why, the positive sentiment stays and as long as the price is making higher highs and lows we do have a buy signal here. SP500

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