Yesterday as the US markets digested the election result, the market was jittery at first. But those jitters cleared way eventually for a bullish continuation push in the S&P500.
S&P 500 4H Chart 11/10
(click to enlarge)
Breakout after brief dip:
- There was a minor dip to start the trading session, but the markets eventually "realized" that it wouldn't be so bad.
- After the sting, it is like the market is accepting and actually hopeful. Remember, some thought a Trump victory would send the markets reeling.
- With a breakout from a consolidation channel, the S&P 500 has opened up the 2190-2200 area, and might reach that by the end of the year.
- If there is a pullback, the 2120-2130 will be key. A break below 2120 could revive the consolidation mode .