The S&P 500 has been trending higher for weeks.

The uptrend remains intact, with the price strongly bid after breaking up through 2,212 recently. Last week, there was an inside bar set-up, indicating that a move is imminent.

There might be a false break lower followed by a strong recovery, which is something to watch for this week. Alternatively, watch for a subsequent price action buy signal on any pullback in the market.

Prices look likely to rotate back toward the recent core near-term support at 2,212, which could provide a buying opportunity, but more aggressive traders may watch for a simple breakout of the inside bar pattern seen below. We see the potential for price to move back to recent highs and beyond.

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This article is commentary by an independent contributor, separate from


regular news coverage.