The stock market has been generally in consolidation or correction mode heading into the 2016 Presidential Election. The S&P 500 for example feel from highs around 2194 down to almost 2080 before finding support last week.
S&P500 Daily Chart 11/9
(click to enlarge)
Ready for bullish continuation:
- The daily chart shows price pushing sharply towards the cluster of resistance around 2150.
- Here is a falling resistance and the 100- and 50-day simple moving averages (SMAs).
- A break above 2150 could open up a bullish continuation scenario that should target the 2190-2200 area.
Let's see if 2150 will give way to this post-Election confidence. It certainly looks like it will.
Oh yea, by the way, in case you didn't know, Trump will be the next president of the US.