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S&P 500 – All Time Highs, Price Action Still Bullish | Jun 18th
S&P 500 – Makes All Time Highs
Gaining now for the fourth day in a row, the S&P 500 has made a new all time high, with an intra-day print of 1958, closing just above 1956. Generally this year, when the major US index has formed a new yearly high, there was a pullback before we’d print a new high, and I think that pattern will hold now as there is nothing in the price action suggesting a trend change.
Our Trade Idea: I’ll look for a corrective pullback to the dynamic support and daily 20 ema + support zone around 1927, which is also a role reversal level. Above this level, we’ll maintain a bullish bias and look for a touch on 1955 and potentially to 1975.
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