S&P 500 – Price Action Suggest Heading for Yearly Highs | Aug 18

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S&P 500 – Heading For Yearly Highs
As we talked about in our weekly market commentary, we felt the price action + the with trend pin bar along with the 4 out of 6 bull closes suggested the V-bottom and bullish price action should continue. Today the US index broke above the pin bar top and closed on the high, suggesting little to no profit taking.

1986 and the yearly highs at 1990 seem to be up next within this week. Some bulls may take profit ahead of the key level, however considering this has been another V-bottom in this very long uptrend, I’m suspecting new yearly highs will be produced soon, perhaps touching 1995 or the big figure at 2000. Until we see a bear close taking out the prior days lows, stay bullish

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