You can still celebrate the bull market

The S&P 500 moved sideways last week but while above 2227 and 2170 key support, the bulls remain strongly in control and the multi-year bull market continues.

We did see a bullish pin bar on the daily time frame last Thursday, but given its position right against previous resistance and all-time highs, it is hard to know if this signal will produce any upside breakout. It might be a good idea to wait for a breakout and close higher before looking for another long entry, or we could wait for a more substantial pull back into the 2227 support handle and look to get long there.

Either way, this market is strongly biased to the upside, and buying the dips remains the strategy.


 

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