S&P 500 – Hits 2000 Big Figure and All Time Highs
As we’ve been writing about in our daily market commentaries, we examined the intra-day price action structure, which suggested the inverted pin bar was likely to lead to new highs. This showed not only on the 4hr charts as basing intra-day, but also historically the S&P 500 had formed many other pin bars near the highs, which eventually led to new highs being printed.
Today was no exception with the major US index notching a couple points past the ‘big figure‘ at 2000.
For now, I’ll remain bullish while we are above 1900 on a daily closing basis. I’ll look to take any corrective pullbacks towards 1940 as opportunities to get long and trade with the trend. If the index closes below 1985 on a 4hr basis, then expect some further unwinding before bulls step in as they may be collecting profits before the next leg up.
