The 10 month consolidation ends with a breakout into a new trading range — and (of course), that’s bullish. Traders should use the double red line as their stop loss — any break of that suggests a market sliding back into the prior range.
SPX Breakout within the larger uptrend channel
click for larger chart
Note that the upper green line of the channel — 1310 or so — becomes the new target.
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Quote of the Day
"Your emotions are often a reverse indicator of what you should be doing."
-John F. Hindelong
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.