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.
This article is commentary by an independent contributor, separate from
regular news coverage.