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S&P 500 – Forms All Time Highs After Corrective Pullback Signal | Aug 21
S&P 500 – Corrective Pullback Leads to New Highs
As we opined in our private members commentary yesterday, we talked about the corrective pullback signal on the 1hr chart, and how the structure looked eerily similar to the prior one – which led to a new leg up.
Today the US index pulled right back to the 20 ema and dynamic support, and then continued its bull run forming a new all time high in the process of 1992 (chart below).
The bull trend is fully intact, and I’m guessing they’ll gun for the ‘big figure‘ at 2000 either tomorrow, or early next week, barring any major sell-offs. Until we see a daily close take out the prior lows, the intra-day momentum should remain bullish, so we’ll look to take any pullbacks towards the mid-1900’s to trade with the trend.
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