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.
Trading volumes decline in summer. Read our How To Guide Trading Forex in Summer
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book